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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
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(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
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| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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| Large Accelerated Filer |
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| Non-accelerated filer |
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Smaller reporting company |
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| Emerging growth company |
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| Page Number | ||||||||
| PART I. | ||||||||
| PART II. | ||||||||
| PART III. | ||||||||
| PART IV. | ||||||||
| Period |
Total Number
of Shares Purchased |
Average Price
Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number (or approximate dollar value) of Shares that May
Yet Be Purchased Under the Plans or Programs |
||||||||||||||||||||||
| October 1 – 31, 2020 | 0 | $ | 0 | 0 | 183,131 | (1) | ||||||||||||||||||||
| November 1 – 30, 2020 | 0 | $ | 0 | 0 | 183,131 | (1) | ||||||||||||||||||||
| December 1 – 31, 2020 | 0 | $ | 0 | 0 | 183,131 | (1) | ||||||||||||||||||||
| Period Ending | ||||||||||||||||||||
| Index | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | ||||||||||||||
| CNB Financial Corporation | 100.00 | 153.40 | 154.62 | 138.44 | 202.02 | 136.35 | ||||||||||||||
| SNL Bank NASDAQ | 100.00 | 138.65 | 145.97 | 123.04 | 154.47 | 132.56 | ||||||||||||||
| NASDAQ Composite | 100.00 | 108.87 | 141.13 | 137.12 | 187.44 | 271.64 | ||||||||||||||
| Year ended December 31, | |||||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||||||||||
| Loans including fees | $ | 152,687 | $ | 139,867 | $ | 118,193 | $ | 97,005 | $ | 81,209 | |||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||
| Taxable | 12,362 | 12,472 | 9,921 | 8,165 | 9,134 | ||||||||||||||||||||||||
| Tax-exempt | 1,441 | 2,372 | 2,739 | 2,983 | 3,390 | ||||||||||||||||||||||||
| Dividends | 677 | 1,017 | 1,017 | 721 | 582 | ||||||||||||||||||||||||
| Total interest and dividend income | 167,167 | 155,728 | 131,870 | 108,874 | 94,315 | ||||||||||||||||||||||||
| INTEREST EXPENSE: | |||||||||||||||||||||||||||||
| Deposits | 24,142 | 30,202 | 17,228 | 9,312 | 8,470 | ||||||||||||||||||||||||
| Borrowed funds | 4,534 | 5,349 | 5,856 | 4,021 | 2,981 | ||||||||||||||||||||||||
| Subordinated debentures | 3,780 | 3,979 | 3,866 | 4,032 | 1,577 | ||||||||||||||||||||||||
| Total interest expense | 32,456 | 39,530 | 26,950 | 17,365 | 13,028 | ||||||||||||||||||||||||
| NET INTEREST INCOME | 134,711 | 116,198 | 104,920 | 91,509 | 81,287 | ||||||||||||||||||||||||
|
PROVISION FOR CREDIT LOSS EXPENSE
(1)
|
15,354 | 6,024 | 6,072 | 6,655 | 4,149 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 119,357 | 110,174 | 98,848 | 84,854 | 77,138 | ||||||||||||||||||||||||
| NON-INTEREST INCOME | 28,059 | 25,975 | 20,723 | 21,435 | 17,691 | ||||||||||||||||||||||||
| NON-INTEREST EXPENSES | 107,326 | 87,508 | 79,342 | 70,037 | 67,118 | ||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES | 40,090 | 48,641 | 40,229 | 36,252 | 27,711 | ||||||||||||||||||||||||
| INCOME TAX EXPENSE | 7,347 | 8,560 | 6,510 | 12,392 | 7,171 | ||||||||||||||||||||||||
| NET INCOME | 32,743 | 40,081 | 33,719 | 23,860 | 20,540 | ||||||||||||||||||||||||
| Preferred stock dividends | 1,147 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 31,596 | $ | 40,081 | $ | 33,719 | $ | 23,860 | $ | 20,540 | |||||||||||||||||||
| PER SHARE DATA: | |||||||||||||||||||||||||||||
| Basic | $ | 1.97 | $ | 2.63 | $ | 2.21 | $ | 1.57 | $ | 1.42 | |||||||||||||||||||
| Fully diluted | 1.97 | 2.63 | 2.21 | 1.57 | 1.42 | ||||||||||||||||||||||||
| Dividends declared | 0.68 | 0.68 | 0.67 | 0.66 | 0.66 | ||||||||||||||||||||||||
| Book value per share at year end | 21.29 | 20.00 | 17.28 | 15.98 | 14.64 | ||||||||||||||||||||||||
| AT END OF PERIOD: | |||||||||||||||||||||||||||||
| Total assets | $ | 4,729,399 | $ | 3,763,659 | $ | 3,221,521 | $ | 2,768,773 | $ | 2,573,821 | |||||||||||||||||||
| Securities | 591,557 | 552,122 | 524,649 | 416,859 | 500,693 | ||||||||||||||||||||||||
| Loans | 3,371,789 | 2,804,035 | 2,474,557 | 2,145,959 | 1,873,536 | ||||||||||||||||||||||||
| Allowance for credit losses | 34,340 | 19,473 | 19,704 | 19,693 | 16,330 | ||||||||||||||||||||||||
| Deposits | 4,181,744 | 3,102,327 | 2,610,786 | 2,167,815 | 2,017,522 | ||||||||||||||||||||||||
| FHLB and other borrowings | 0 | 227,907 | 245,117 | 257,359 | 237,004 | ||||||||||||||||||||||||
| Subordinated debentures | 70,620 | 70,620 | 70,620 | 70,620 | 70,620 | ||||||||||||||||||||||||
| Deposits held for sale | 0 | 0 | 0 | 0 | 6,456 | ||||||||||||||||||||||||
| Shareholders’ equity | 416,137 | 304,966 | 262,830 | 243,910 | 211,784 | ||||||||||||||||||||||||
| KEY RATIOS: | |||||||||||||||||||||||||||||
| Return on average assets | 0.75 | % | 1.17 | % | 1.12 | % | 0.89 | % | 0.85 | % | |||||||||||||||||||
| Return on average common equity | 9.35 | % | 14.05 | % | 13.46 | % | 9.97 | % | 9.69 | % | |||||||||||||||||||
| Loan to deposit ratio | 80.63 | % | 90.38 | % | 94.78 | % | 98.99 | % | 92.86 | % | |||||||||||||||||||
| Dividend payout ratio | 34.54 | % | 25.82 | % | 30.35 | % | 42.31 | % | 46.48 | % | |||||||||||||||||||
| Average equity to average assets ratio | 8.24 | % | 8.36 | % | 8.33 | % | 8.93 | % | 8.76 | % | |||||||||||||||||||
|
2020
Balance |
$ Change
vs. prior year |
% Change
vs. prior year |
2019
Balance |
$ Change
vs. prior year |
% Change
vs. prior year |
2018
Balance |
|||||||||||||||||||||||||||||||||||
| Total assets | $ | 4,729.4 | $ | 965.7 | 25.7 | % | $ | 3,763.7 | $ | 542.1 | 16.8 | % | $ | 3,221.5 | |||||||||||||||||||||||||||
| Total loans, net of allowance for credit losses | 3,337.4 | 552.9 | 19.9 | % | 2,784.6 | 329.7 | 13.4 | % | 2,454.9 | ||||||||||||||||||||||||||||||||
| Total securities | 591.6 | 39.4 | 7.1 | % | 552.1 | 27.5 | 5.2 | % | 524.7 | ||||||||||||||||||||||||||||||||
| Total deposits | 4,181.7 | 1,079.4 | 34.8 | % | 3,102.3 | 491.5 | 18.8 | % | 2,610.8 | ||||||||||||||||||||||||||||||||
| Total shareholders’ equity | 416.1 | 111.2 | 36.5 | % | 305.0 | 42.1 | 16.0 | % | 262.8 | ||||||||||||||||||||||||||||||||
| 12/31/2020 | 12/31/2019 | 12/31/2018 | |||||||||||||||||||||||||||||||||
|
Average
Balance |
Annual
Rate |
Interest
Inc./ Exp. |
Average
Balance |
Annual
Rate |
Interest
Inc./ Exp. |
Average
Balance |
Annual
Rate |
Interest
Inc./ Exp. |
|||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||||||
|
Taxable
(1)
|
$ | 505,770 | 2.35 | % | $ | 11,510 | $ | 436,122 | 2.77 | % | $ | 11,973 | $ | 365,790 | 2.62 | % | $ | 9,733 | |||||||||||||||||
|
Tax-Exempt
(1) (2)
|
55,460 | 3.32 | % | 1,772 | 85,802 | 3.40 | % | 2,867 | 97,412 | 3.42 | % | 3,326 | |||||||||||||||||||||||
|
Equity Securities
(1) (2))
|
12,814 | 5.89 | % | 755 | 18,203 | 6.17 | % | 1,123 | 19,133 | 5.89 | % | 1,170 | |||||||||||||||||||||||
| Total Securities | 574,044 | 2.53 | % | 14,037 | 540,127 | 2.99 | % | 15,963 | 482,335 | 2.91 | % | 14,229 | |||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Commercial
(2)
|
1,230,615 | 4.80 | % | 59,016 | 987,974 | 5.35 | % | 52,868 | 820,547 | 4.98 | % | 40,846 | |||||||||||||||||||||||
|
Mortgage
(2)
|
1,783,980 | 4.76 | % | 84,857 | 1,539,208 | 5.04 | % | 77,501 | 1,422,021 | 4.88 | % | 69,338 | |||||||||||||||||||||||
| Consumer | 100,576 | 9.71 | % | 9,766 | 102,928 | 10.08 | % | 10,373 | 85,776 | 10.16 | % | 8,717 | |||||||||||||||||||||||
|
Total Loans
(3)
|
3,115,171 | 4.93 | % | 153,639 | 2,630,110 | 5.35 | % | 140,742 | 2,328,344 | 5.11 | % | 118,901 | |||||||||||||||||||||||
| Other Earning Assets | 402,861 | 0.21 | % | 852 | 24,674 | 2.02 | % | 499 | 4,536 | 4.14 | % | 188 | |||||||||||||||||||||||
| Total earning assets | 4,092,076 | 4.14 | % | $ | 168,528 | 3,194,911 | 4.93 | % | $ | 157,204 | 2,815,215 | 4.73 | % | $ | 133,318 | ||||||||||||||||||||
| Non-Interest Earning Assets | |||||||||||||||||||||||||||||||||||
| Cash & Due From Banks | 42,001 | 33,218 | 31,498 | ||||||||||||||||||||||||||||||||
| Premises, Equipment and Right of Use Assets | 75,516 | 68,744 | 49,985 | ||||||||||||||||||||||||||||||||
| Other Assets | 166,511 | 137,519 | 133,115 | ||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | (28,962) | (20,655) | (21,511) | ||||||||||||||||||||||||||||||||
| Total Non-Interest Earning Assets | 255,066 | 218,826 | 193,087 | ||||||||||||||||||||||||||||||||
| Total Assets | $ | 4,347,142 | $ | 3,413,737 | $ | 3,008,302 | |||||||||||||||||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | |||||||||||||||||||||||||||||||||||
| Demand – interest bearing | $ | 755,200 | 0.24 | % | $ | 1,781 | $ | 580,244 | 0.42 | % | $ | 2,455 | $ | 582,289 | 0.38 | % | $ | 2,209 | |||||||||||||||||
| Savings | 1,923,214 | 0.66 | % | 12,775 | 1,450,653 | 1.39 | % | 20,138 | 1,077,210 | 0.85 | % | 9,184 | |||||||||||||||||||||||
| Time | 445,408 | 2.15 | % | 9,586 | 371,464 | 2.05 | % | 7,609 | 383,531 | 1.52 | % | 5,835 | |||||||||||||||||||||||
| Total interest bearing deposits | 3,123,822 | 0.77 | % | 24,142 | 2,402,361 | 1.26 | % | 30,202 | 2,043,030 | 0.84 | % | 17,228 | |||||||||||||||||||||||
| Short-term borrowings | 0 | 0.00 | % | 0 | 16,022 | 2.65 | % | 425 | 37,363 | 1.91 | % | 713 | |||||||||||||||||||||||
| Long-term borrowings | 221,436 | 2.05 | % | 4,534 | 229,377 | 2.15 | % | 4,924 | 250,242 | 2.06 | % | 5,143 | |||||||||||||||||||||||
| Subordinated Debentures | 70,620 | 5.35 | % | 3,780 | 70,620 | 5.63 | % | 3,979 | 70,620 | 5.47 | % | 3,866 | |||||||||||||||||||||||
| Total interest bearing liabilities | 3,415,878 | 0.95 | % | $ | 32,456 | 2,718,380 | 1.45 | % | $ | 39,530 | 2,401,255 | 1.12 | % | $ | 26,950 | ||||||||||||||||||||
| Demand – non-interest bearing | 516,724 | 360,208 | 327,014 | ||||||||||||||||||||||||||||||||
| Other liabilities | 56,377 | 49,825 | 29,537 | ||||||||||||||||||||||||||||||||
| Total Liabilities | 3,988,979 | 3,128,413 | 2,757,806 | ||||||||||||||||||||||||||||||||
| Shareholders’ Equity | 358,163 | 285,324 | 250,496 | ||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 4,347,142 | $ | 3,413,737 | $ | 3,008,302 | |||||||||||||||||||||||||||||
| Interest Income/Earning Assets | 4.14 | % | $ | 168,528 | 4.93 | % | $ | 157,204 | 4.73 | % | $ | 133,318 | |||||||||||||||||||||||
| Interest Expense/Interest Bearing Liabilities | 0.95 | % | 32,456 | 1.45 | % | 39,530 | 1.12 | % | 26,950 | ||||||||||||||||||||||||||
| Net Interest Spread | 3.19 | % | $ | 136,072 | 3.48 | % | $ | 117,674 | 3.61 | % | $ | 106,368 | |||||||||||||||||||||||
| Interest Income/Earning Assets | 4.14 | % | $ | 168,528 | 4.93 | % | $ | 157,204 | 4.73 | % | $ | 133,318 | |||||||||||||||||||||||
| Interest Expense/Earning Assets | 0.80 | % | 32,456 | 1.24 | % | 39,530 | 0.96 | % | 26,950 | ||||||||||||||||||||||||||
| Net Interest Margin | 3.34 | % | $ | 136,072 | 3.69 | % | $ | 117,674 | 3.77 | % | $ | 106,368 | |||||||||||||||||||||||
| Net Interest Income Rate-Volume Variance |
For Twelve Months Ended December 31, 2020 over (under) 2019 Due to Change In
(1)
|
For Twelve Months Ended December 31, 2019 over (under) 2018 Due to Change In
(1)
|
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| Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||||||
| Taxable | $ | 1,369 | $ | (1,832) | $ | (463) | $ | 1,691 | $ | 549 | $ | 2,240 | |||||||||||||||||||||||
|
Tax-Exempt
(2)
|
(1,026) | (69) | (1,095) | (440) | (19) | (459) | |||||||||||||||||||||||||||||
|
Equity Securities
(2)
|
(317) | (51) | (368) | (101) | 54 | (47) | |||||||||||||||||||||||||||||
| Total Securities | 26 | (1,952) | (1,926) | 1,150 | 584 | 1,734 | |||||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||
|
Commercial
(2)
|
11,582 | (5,434) | 6,148 | 8,986 | 3,036 | 12,022 | |||||||||||||||||||||||||||||
|
Mortgage
(2)
|
11,666 | (4,310) | 7,356 | 5,888 | 2,275 | 8,163 | |||||||||||||||||||||||||||||
| Consumer | (226) | (381) | (607) | 1,725 | (69) | 1,656 | |||||||||||||||||||||||||||||
| Total Loans | 23,022 | (10,125) | 12,897 | 16,599 | 5,242 | 21,841 | |||||||||||||||||||||||||||||
| Other Earning Assets | 800 | (447) | 353 | 407 | (96) | 311 | |||||||||||||||||||||||||||||
| Total Earning Assets | $ | 23,848 | $ | (12,524) | $ | 11,324 | $ | 18,156 | $ | 5,730 | $ | 23,886 | |||||||||||||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | |||||||||||||||||||||||||||||||||||
| Demand – Interest Bearing | $ | 413 | $ | (1,087) | $ | (674) | $ | (9) | $ | 255 | $ | 246 | |||||||||||||||||||||||
| Savings | 3,139 | (10,502) | (7,363) | 5,184 | 5,770 | 10,954 | |||||||||||||||||||||||||||||
| Time | 1,591 | 386 | 1,977 | (247) | 2,021 | 1,774 | |||||||||||||||||||||||||||||
| Total Interest Bearing Deposits | 5,143 | (11,203) | (6,060) | 4,928 | 8,046 | 12,974 | |||||||||||||||||||||||||||||
| Short-Term Borrowings | 0 | (425) | (425) | (566) | 278 | (288) | |||||||||||||||||||||||||||||
| Long-Term Borrowings | (163) | (227) | (390) | (448) | 229 | (219) | |||||||||||||||||||||||||||||
| Subordinated Debentures | 0 | (199) | (199) | 0 | 113 | 113 | |||||||||||||||||||||||||||||
| Total Interest Bearing Liabilities | $ | 4,980 | $ | (12,054) | $ | (7,074) | $ | 3,914 | $ | 8,666 | $ | 12,580 | |||||||||||||||||||||||
| Change in Net Interest Income | $ | 18,868 | $ | (470) | $ | 18,398 | $ | 14,242 | $ | (2,936) | $ | 11,306 | |||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized | Unrealized | Market | Amortized | Unrealized | Market | Amortized | Unrealized | Market | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government Sponsored Entities | $ | 150,404 | $ | 6,698 | $ | (60) | $ | 157,042 | $ | 124,189 | $ | 2,924 | $ | (19) | $ | 127,094 | $ | 134,010 | $ | 254 | $ | (1,570) | $ | 132,694 | ||||||||||||||||||||||||||||||||||||||
| State and Political Subdivisions | 67,819 | 3,186 | (122) | 70,883 | 101,177 | 3,288 | (102) | 104,363 | 134,662 | 1,942 | (573) | 136,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential and multi-family mortgage | 306,054 | 9,276 | (138) | 315,192 | 273,404 | 4,117 | (885) | 276,636 | 209,126 | 500 | (3,573) | 206,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate notes and bonds | 15,221 | 105 | (400) | 14,926 | 8,350 | 14 | (282) | 8,082 | 12,356 | 22 | (601) | 11,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Pooled SBA | 24,975 | 912 | (1) | 25,886 | 25,063 | 274 | (163) | 25,174 | 30,163 | 135 | (924) | 29,374 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 1,020 | 0 | (41) | 979 | 1,020 | 0 | (56) | 964 | 1,020 | 0 | (86) | 934 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 565,493 | $ | 20,177 | $ | (762) | $ | 584,908 | $ | 533,203 | $ | 10,617 | $ | (1,507) | $ | 542,313 | $ | 521,337 | $ | 2,853 | $ | (7,327) | $ | 516,863 | |||||||||||||||||||||||||||||||||||||||
|
Within
One Year |
After One But Within
Five Years |
After Five But
Within Ten Years |
After Ten
Years |
Pooled SBA,
Residential and Multi- Family Mortgage and Commercial Mortgage |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ Amt. |
Yield
(1)
|
$ Amt. |
Yield
(1)
|
$ Amt. |
Yield
(1)
|
$ Amt. |
Yield
(1)
|
$ Amt. |
Yield
(1)
|
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|
Debt Securities Available for Sale
(2)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Government Sponsored Entities | $ | 38,695 | 1.82 | % | $ | 89,331 | 1.58 | % | $ | 29,016 | 2.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| State and Political Subdivisions | 12,547 | 3.47 | % | 20,153 | 3.37 | % | 28,852 | 3.11 | % | $ | 9,331 | 3.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Corporate notes and bonds | 2,206 | 0.91 | % | 2,180 | 0.59 | % | 8,875 | 3.33 | % | 1,665 | 5.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Pooled SBA | $ | 25,886 | 2.38 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential and multi-family mortgage | 315,192 | 2.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | 979 | 1.63 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 53,448 | 2.17 | % | $ | 112,643 | 1.88 | % | $ | 66,743 | 3.07 | % | $ | 10,996 | 3.39 | % | $ | 341,078 | 2.67 | % | |||||||||||||||||||||||||||||||||||||||
| 2020 | |||||
|
Farmland
|
$ | 23,316 | |||
|
Owner-occupied, nonfarm nonresidential properties
|
407,924 | ||||
|
Agricultural production and other loans to farmers
|
2,664 | ||||
|
Commercial and Industrial
|
663,550 | ||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
132,818 | ||||
|
Other loans
|
11,961 | ||||
| Other construction loans and all land development and other land loans | 205,734 | ||||
|
Multifamily (5 or more) residential properties
|
212,815 | ||||
|
Non-owner occupied, nonfarm nonresidential properties
|
640,945 | ||||
| 1-4 Family Construction | 27,768 | ||||
| Home equity lines of credit | 109,444 | ||||
| Residential Mortgages secured by first liens | 777,030 | ||||
| Residential Mortgages secured by junior liens | 53,726 | ||||
| Other revolving credit plans | 25,507 | ||||
| Automobile | 25,344 | ||||
| Other consumer | 42,792 | ||||
| Credit cards | 8,115 | ||||
| Overdrafts | 336 | ||||
| Total loans | $ | 3,371,789 | |||
| 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Commercial, industrial and agricultural | $ | 1,046,665 | $ | 916,297 | $ | 704,606 | $ | 567,800 | |||||||||||||||
| Commercial mortgages | 814,002 | 697,776 | 644,597 | 574,826 | |||||||||||||||||||
| Residential real estate | 814,030 | 771,309 | 713,347 | 652,883 | |||||||||||||||||||
| Consumer | 124,785 | 86,035 | 80,193 | 74,816 | |||||||||||||||||||
| Credit cards | 7,569 | 7,623 | 6,753 | 6,046 | |||||||||||||||||||
| Overdrafts | 2,146 | 308 | 352 | 595 | |||||||||||||||||||
| Gross loans | 2,809,197 | 2,479,348 | 2,149,848 | 1,876,966 | |||||||||||||||||||
| Less: unearned income | 5,162 | 4,791 | 3,889 | 3,430 | |||||||||||||||||||
| Total loans net of unearned | $ | 2,804,035 | $ | 2,474,557 | $ | 2,145,959 | $ | 1,873,536 | |||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
|
One Year
or Less |
One Through
Five Years |
Over
Five Years |
Total Gross
Loans |
||||||||||||||||||||
| Commercial Loans | |||||||||||||||||||||||
| Loans With Fixed Interest Rate | $ | 178,005 | $ | 109,837 | $ | 147,467 | $ | 435,309 | |||||||||||||||
| Loans With Variable or Floating Interest Rates | 216,096 | 140,888 | 467,948 | 824,932 | |||||||||||||||||||
| $ | 394,101 | $ | 250,725 | $ | 615,415 | $ | 1,260,241 | ||||||||||||||||
| Mortgage Loans | |||||||||||||||||||||||
| Loans With Fixed Interest Rate | $ | 51,864 | $ | 168,885 | $ | 441,179 | $ | 661,928 | |||||||||||||||
| Loans With Variable or Floating Interest Rates | 134,469 | 227,535 | 994,297 | 1,356,301 | |||||||||||||||||||
| $ | 186,333 | $ | 396,420 | $ | 1,435,476 | $ | 2,018,229 | ||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
| Nonaccrual loans | $ | 30,359 | $ | 21,736 | $ | 14,262 | $ | 15,653 | $ | 12,510 | |||||||||||||||||||
| Accrual loans greater than 90 days past due | 325 | 61 | 887 | 616 | 172 | ||||||||||||||||||||||||
| Total nonperforming loans | 30,684 | 21,797 | 15,149 | 16,269 | 12,682 | ||||||||||||||||||||||||
| Other real estate owned | 862 | 1,633 | 418 | 710 | 1,015 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 31,546 | $ | 23,430 | $ | 15,567 | $ | 16,979 | $ | 13,697 | |||||||||||||||||||
| Loans modified in a troubled debt restructuring (TDR): | |||||||||||||||||||||||||||||
| Performing TDR loans | $ | 10,457 | $ | 7,359 | $ | 8,201 | $ | 8,344 | $ | 8,710 | |||||||||||||||||||
|
Nonperforming TDR loans
(1)
|
4,631 | 3,592 | 6,425 | 8,959 | 3,120 | ||||||||||||||||||||||||
| Total TDR loans | $ | 15,088 | $ | 10,951 | $ | 14,626 | $ | 17,303 | $ | 11,830 | |||||||||||||||||||
| Total loans | $ | 3,371,789 | $ | 2,804,035 | $ | 2,474,557 | $ | 2,145,959 | $ | 1,873,536 | |||||||||||||||||||
| Nonperforming loans as a percentage of loans | 0.91 | % | 0.78 | % | 0.61 | % | 0.76 | % | 0.68 | % | |||||||||||||||||||
| Total assets | $ | 4,729,399 | $ | 3,763,659 | $ | 3,221,521 | $ | 2,768,773 | $ | 2,573,821 | |||||||||||||||||||
| Nonperforming assets as a percentage of total assets | 0.67 | % | 0.62 | % | 0.48 | % | 0.61 | % | 0.53 | % | |||||||||||||||||||
|
Non-performing assets / Total assets, net of PPP-related assets
(2)
|
0.71 | % | 0.62 | % | 0.48 | % | 0.61 | % | 0.53 | % | |||||||||||||||||||
|
Beginning
Allowance (Before ASC 326 Adoption) |
Impact of ASC 326 Adoption | Initial Allowance on Loans Purchased with Credit Deterioration | (Charge-offs) | Recoveries | Net (Charge-Offs) Recoveries | Provision (Benefit) for Credit Loss Expense | Ending Allowance (After ASC 326 Adoption) | ||||||||||||||||||||||||||||||||||||||||
|
Farmland
|
$ | 190 | $ | 61 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (30) | $ | 221 | |||||||||||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
2,390 | (754) | 82 | (61) | 12 | (49) | 2,031 | 3,700 | |||||||||||||||||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
25 | 5 | 0 | 0 | 0 | 0 | (6) | 24 | |||||||||||||||||||||||||||||||||||||||
|
Commercial and Industrial
|
4,105 | (631) | 216 | (2,779) | 39 | (2,740) | 5,283 | 6,233 | |||||||||||||||||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
1,022 | (231) | 0 | 0 | 0 | 0 | 207 | 998 | |||||||||||||||||||||||||||||||||||||||
|
Other loans
|
41 | 8 | 0 | 0 | 0 | 0 | 19 | 68 | |||||||||||||||||||||||||||||||||||||||
| Other construction loans and all land development and other land loans | 2,327 | 780 | 228 | 0 | 125 | 125 | (1,504) | 1,956 | |||||||||||||||||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
1,087 | 312 | 24 | 0 | 0 | 0 | 1,301 | 2,724 | |||||||||||||||||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
3,980 | 2,547 | 335 | (1,522) | 52 | (1,470) | 3,266 | 8,658 | |||||||||||||||||||||||||||||||||||||||
| 1-4 Family Construction | 56 | (35) | 0 | 0 | 0 | 0 | 61 | 82 | |||||||||||||||||||||||||||||||||||||||
| Home equity lines of credit | 180 | 421 | 22 | (6) | 1 | (5) | 367 | 985 | |||||||||||||||||||||||||||||||||||||||
| Residential Mortgages secured by first liens | 1,220 | 1,100 | 73 | (285) | 65 | (220) | 2,366 | 4,539 | |||||||||||||||||||||||||||||||||||||||
| Residential Mortgages secured by junior liens | 114 | 135 | 0 | (158) | 2 | (156) | 148 | 241 | |||||||||||||||||||||||||||||||||||||||
| Other revolving credit plans | 296 | 378 | 0 | (137) | 21 | (116) | (51) | 507 | |||||||||||||||||||||||||||||||||||||||
| Automobile | 156 | (96) | 0 | (29) | 2 | (27) | 99 | 132 | |||||||||||||||||||||||||||||||||||||||
| Other consumer | 1,960 | 1,021 | 0 | (1,513) | 130 | (1,383) | 1,364 | 2,962 | |||||||||||||||||||||||||||||||||||||||
| Credit cards | 84 | (58) | 0 | (153) | 14 | (139) | 179 | 66 | |||||||||||||||||||||||||||||||||||||||
| Overdrafts | 240 | 0 | 0 | (435) | 185 | (250) | 254 | 244 | |||||||||||||||||||||||||||||||||||||||
| Total loans | $ | 19,473 | $ | 4,963 | $ | 980 | $ | (7,078) | $ | 648 | $ | (6,430) | $ | 15,354 | $ | 34,340 | |||||||||||||||||||||||||||||||
| Loans | $ | 3,371,789 | |||||||||||||||||||||||||||||||||||||||||||||
| Allowance to loans | 1.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
|
Allowance to loans, net of PPP-related loans
(1)
|
1.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Percentage of net charge-offs during the period to average loans outstanding | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||
| Balance at beginning of period | $ | 19,704 | $ | 19,693 | $ | 16,330 | $ | 16,737 | |||||||||||||||
| Charge-offs: | |||||||||||||||||||||||
| Commercial, industrial, and agricultural | (205) | (253) | (544) | (601) | |||||||||||||||||||
| Commercial mortgages | (3,391) | (3,337) | (116) | (201) | |||||||||||||||||||
| Residential real estate | (386) | (315) | (466) | (499) | |||||||||||||||||||
| Consumer | (2,200) | (2,279) | (2,555) | (3,324) | |||||||||||||||||||
| Credit cards | (116) | (90) | (144) | (96) | |||||||||||||||||||
| Overdrafts | (453) | (319) | (252) | (240) | |||||||||||||||||||
| (6,751) | (6,593) | (4,077) | (4,961) | ||||||||||||||||||||
| Recoveries: | |||||||||||||||||||||||
| Commercial, industrial, and agricultural | 17 | 171 | 235 | 89 | |||||||||||||||||||
| Commercial mortgages | 124 | 30 | 197 | 8 | |||||||||||||||||||
| Residential real estate | 73 | 67 | 78 | 93 | |||||||||||||||||||
| Consumer | 154 | 141 | 161 | 122 | |||||||||||||||||||
| Credit cards | 15 | 33 | 27 | 22 | |||||||||||||||||||
| Overdrafts | 113 | 90 | 87 | 71 | |||||||||||||||||||
| 496 | 532 | 785 | 405 | ||||||||||||||||||||
| Net charge-offs | (6,255) | (6,061) | (3,292) | (4,556) | |||||||||||||||||||
| Provision for loan losses | 6,024 | 6,072 | 6,655 | 4,149 | |||||||||||||||||||
| Balance at end of period | $ | 19,473 | $ | 19,704 | $ | 19,693 | $ | 16,330 | |||||||||||||||
| Loans, net of unearned income | $ | 2,804,035 | $ | 2,474,557 | $ | 2,145,959 | $ | 1,873,536 | |||||||||||||||
| Allowance to net loans | 0.69 | % | 0.80 | % | 0.92 | % | 0.87 | % | |||||||||||||||
| Percentage of net charge-offs during the period to average loans outstanding | 0.24 | % | 0.26 | % | 0.16 | % | 0.27 | % | |||||||||||||||
| 2020 | |||||||||||
| Amount | % of Loans in each Category | ||||||||||
|
Farmland
|
$ | 221 | 0.7 | % | |||||||
|
Owner-occupied, nonfarm nonresidential properties
|
3,700 | 12.1 | % | ||||||||
|
Agricultural production and other loans to farmers
|
24 | 0.1 | % | ||||||||
|
Commercial and Industrial
|
6,233 | 19.7 | % | ||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
998 | 3.9 | % | ||||||||
|
Other loans
|
68 | 0.4 | % | ||||||||
| Other construction loans and all land development and other land loans | 1,956 | 6.1 | % | ||||||||
|
Multifamily (5 or more) residential properties
|
2,724 | 6.3 | % | ||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
8,658 | 19.0 | % | ||||||||
| 1-4 Family Construction | 82 | 0.8 | % | ||||||||
| Home equity lines of credit | 985 | 3.2 | % | ||||||||
| Residential Mortgages secured by first liens | 4,539 | 23.0 | % | ||||||||
| Residential Mortgages secured by junior liens | 241 | 1.6 | % | ||||||||
| Other revolving credit plans | 507 | 0.8 | % | ||||||||
| Automobile | 132 | 0.8 | % | ||||||||
| Other consumer | 2,962 | 1.3 | % | ||||||||
| Credit cards | 66 | 0.2 | % | ||||||||
| Overdrafts | 244 | 0.0 | % | ||||||||
| Total loans | $ | 34,340 | 100.0 | % | |||||||
| 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||
| Amount | % of Loans in each Category | Amount | % of Loans in each Category | Amount | % of Loans in each Category | Amount | % of Loans in each Category | ||||||||||||||||||||||||||||||||||||||||
| Commercial, industrial, and agricultural | $ | 8,287 | 37.26 | % | $ | 7,341 | 36.96 | % | $ | 6,160 | 32.77 | % | $ | 5,428 | 30.25 | % | |||||||||||||||||||||||||||||||
| Commercial mortgages | 6,952 | 28.98 | % | 7,490 | 28.14 | % | 9,007 | 29.98 | % | 6,753 | 30.63 | % | |||||||||||||||||||||||||||||||||||
| Residential real estate | 1,499 | 28.98 | % | 2,156 | 31.11 | % | 2,033 | 33.18 | % | 1,653 | 34.78 | % | |||||||||||||||||||||||||||||||||||
| Consumer | 2,411 | 4.44 | % | 2,377 | 3.47 | % | 2,179 | 3.73 | % | 2,215 | 3.99 | % | |||||||||||||||||||||||||||||||||||
| Credit Cards | 84 | 0.27 | % | 103 | 0.31 | % | 120 | 0.31 | % | 93 | 0.32 | % | |||||||||||||||||||||||||||||||||||
| Overdrafts | 240 | 0.08 | % | 237 | 0.01 | % | 194 | 0.02 | % | 188 | 0.03 | % | |||||||||||||||||||||||||||||||||||
| Total | $ | 19,473 | 100.00 | % | $ | 19,704 | 100.00 | % | $ | 19,693 | 100.00 | % | $ | 16,330 | 100.00 | % | |||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
|
Average
Amount |
Annual
Rate |
Average
Amount |
Annual
Rate |
Average
Amount |
Annual
Rate |
||||||||||||||||||||||||||||||
| Demand – Non-Interest Bearing | $ | 516,724 | $ | 360,208 | $ | 327,014 | |||||||||||||||||||||||||||||
| Demand – Interest Bearing | 755,200 | 0.24 | % | 580,244 | 0.42 | % | 582,289 | 0.38 | % | ||||||||||||||||||||||||||
| Savings Deposits | 1,923,214 | 0.66 | % | 1,450,653 | 1.39 | % | 1,077,210 | 0.85 | % | ||||||||||||||||||||||||||
| Time Deposits | 445,408 | 2.15 | % | 371,464 | 2.05 | % | 383,531 | 1.52 | % | ||||||||||||||||||||||||||
| Total | $ | 3,640,546 | $ | 2,762,569 | $ | 2,370,044 | |||||||||||||||||||||||||||||
| 3 months or less | $ | 18,854 | |||
| Over 3 through 6 months | 29,524 | ||||
| Over 6 through 12 months | 68,040 | ||||
| Over 12 months | 148,319 | ||||
| Total | $ | 264,737 | |||
| 2020 |
Percentage change
2020 vs. 2019 |
2019 |
Percentage change
2019 vs. 2018 |
2018 | |||||||||||||||||||||||||
| Demand, Non interest bearing | $ | 627,114 | 64.1% | $ | 382,259 | 7.1% | $ | 356,797 | |||||||||||||||||||||
| Demand, Interest bearing | 951,903 | 51.4% | 628,579 | 4.8% | 600,046 | ||||||||||||||||||||||||
| Savings deposits | 2,126,183 | 27.8% | 1,663,673 | 32.2% | 1,258,506 | ||||||||||||||||||||||||
| Time deposits | 476,544 | 11.4% | 427,816 | 8.2% | 395,437 | ||||||||||||||||||||||||
| Total | $ | 4,181,744 | 34.8% | $ | 3,102,327 | 18.8% | $ | 2,610,786 | |||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||
| Total risk-based capital ratio | 14.32 | % | 12.51 | % | ||||||||||
| Tier 1 capital ratio | 11.91 | % | 10.03 | % | ||||||||||
| Common equity tier 1 ratio | 9.50 | % | 9.32 | % | ||||||||||
| Leverage ratio | 8.11 | % | 7.86 | % | ||||||||||
|
Tangible common common equity/tangible assets
(1)
|
6.70 | % | 7.14 | % | ||||||||||
| Book value per common share | $ | 21.29 | $ | 20.00 | ||||||||||
|
Tangible book value per common share
(1)
|
$ | 18.66 | $ | 17.45 | ||||||||||
| Payments Due In | |||||||||||||||||||||||||||||||||||
|
Note
Reference |
One
Year or Less |
One to
Three Years |
Three to
Five Years |
Over
Five Years |
Total | ||||||||||||||||||||||||||||||
| Deposits without a stated maturity | $ | 3,705,200 | $ | 0 | $ | 0 | $ | 0 | $ | 3,705,200 | |||||||||||||||||||||||||
| Certificates of deposit | 11 | 212,301 | 227,575 | 26,787 | 9,881 | 476,544 | |||||||||||||||||||||||||||||
| Right of use liabilities | 9 | 1,560 | 3,211 | 3,020 | 19,281 | 27,072 | |||||||||||||||||||||||||||||
| Subordinated debentures | 12 | 0 | 0 | 0 | 70,620 | 70,620 | |||||||||||||||||||||||||||||
| Non-GAAP Reconciliations: | |||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Calculation of tangible book value per share and tangible common equity/tangible assets: | |||||||||||
| Shareholders' equity | $ | 416,137 | $ | 304,966 | |||||||
| Less: preferred equity | 57,785 | 0 | |||||||||
| Less: goodwill | 43,749 | 38,730 | |||||||||
| Less: core deposit intangible | 567 | 160 | |||||||||
| Tangible common equity | $ | 314,036 | $ | 266,076 | |||||||
| Total assets | $ | 4,729,399 | $ | 3,763,659 | |||||||
| Less: goodwill | 43,749 | 38,730 | |||||||||
| Less: core deposit intangible | 567 | 160 | |||||||||
| Tangible assets | $ | 4,685,083 | $ | 3,724,769 | |||||||
| Ending shares outstanding | 16,833,008 | 15,247,985 | |||||||||
| Tangible book value per common share | $ | 18.66 | $ | 17.45 | |||||||
| Tangible common equity/Tangible assets | 6.70 | % | 7.14 | % | |||||||
| Calculation of tangible common equity/tangible assets, net of PPP-related loans: | |||||||||||
| Tangible common equity | $ | 314,036 | $ | 266,076 | |||||||
| Tangible assets | $ | 4,685,083 | $ | 3,724,769 | |||||||
| Less: PPP-related loans | 155,529 | 0 | |||||||||
| Adjusted tangible assets | $ | 4,529,554 | $ | 3,724,769 | |||||||
| Adjusted tangible common equity/tangible assets | 6.93 | % | 7.14 | % | |||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Calculation of non-performing assets / Total assets, net of PPP-related assets: | |||||||||||
| Non-performing assets | $ | 31,546 | $ | 23,430 | |||||||
| Total assets | $ | 4,729,399 | $ | 3,763,659 | |||||||
| Less: PPP-related loans | 155,529 | 0 | |||||||||
| Less: estimated PPP deposits held at the Federal Reserve | 159,584 | 0 | |||||||||
| Adjusted total assets, net of PPP-related assets (non-GAAP) | $ | 4,414,286 | $ | 3,763,659 | |||||||
| Adjusted non-performing assets / total assets, net of PPP-related assets (non-GAAP) | 0.71 | % | 0.62 | % | |||||||
| Calculation of allowance / loans, net of PPP-related loans: | |||||||||||
| Total allowance for credit losses | $ | 34,340 | $ | 19,473 | |||||||
| Total loans net of unearned income | $ | 3,371,789 | $ | 2,804,035 | |||||||
| Less: PPP-related loans | 155,529 | 0 | |||||||||
| Adjusted total loans, net of unearned income, PPP-related loans (non-GAAP) | $ | 3,216,260 | $ | 2,804,035 | |||||||
| Adjusted allowance / loans, net of PPP-related loans (non-GAAP) | 1.07 | % | 0.69 | % | |||||||
| Non-GAAP Reconciliations: | ||||||||||||||
| Twelve Months Ended | ||||||||||||||
| December 31, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Calculation of average total earning assets, net of PPP-related assets: | ||||||||||||||
| Average total earning assets | $ | 4,092,076 | $ | 3,194,911 | ||||||||||
| Less: average PPP-related loans | 150,075 | 0 | ||||||||||||
| Less: estimated average PPP deposits held at the Federal Reserve | 154,124 | 0 | ||||||||||||
| Less: average PPPLF deposits held at the Federal Reserve | 32,119 | 0 | ||||||||||||
| Adjusted average total earning assets, net of PPP-related assets (non-GAAP) | $ | 3,755,758 | $ | 3,194,911 | ||||||||||
| Calculation of average total assets, net of PPP-related assets: | ||||||||||||||
| Average total assets | $ | 4,347,142 | $ | 3,413,737 | ||||||||||
| Less: average PPP-related loans | 150,075 | 0 | ||||||||||||
| Less: estimated average PPP deposits held at the Federal Reserve | 154,124 | 0 | ||||||||||||
| Less: average PPPLF deposits held at the Federal Reserve | 32,119 | 0 | ||||||||||||
| Adjusted average total assets, net of PPP-related assets (non-GAAP) | $ | 4,010,824 | $ | 3,413,737 | ||||||||||
| Calculation of average yield on earning assets, net of unearned income, PPP-related assets and PPP-related fees: | ||||||||||||||
| Investment income (tax equivalent) | $ | 14,037 | $ | 15,963 | ||||||||||
| Add: loan income (tax equivalent) | 153,639 | 140,742 | ||||||||||||
| Add: other earning asset income (tax equivalent) | 852 | 499 | ||||||||||||
| Less: PPP-related fees | 5,140 | 0 | ||||||||||||
| Total income related to earning assets (tax equivalent) (non-GAAP) | $ | 163,388 | $ | 157,204 | ||||||||||
| Adjusted average total earning assets, net of PPP-related assets (non-GAAP) | $ | 3,755,758 | $ | 3,194,911 | ||||||||||
| Less: average mark to market adjustment on investments (non-GAAP) | 18,884 | 5,631 | ||||||||||||
| Adjusted average total earning assets, net of market to market, PPP-related assets (non-GAAP) | $ | 3,736,874 | 3,189,280 | |||||||||||
| Adjusted average yield on earning assets, net of unearned income, PPP-related assets and PPP-related fees (non-GAAP) (annualized) | 4.37 | % | 4.93 | % | ||||||||||
| Twelve Months Ended | ||||||||||||||
| December 31, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Calculation of net interest margin (fully tax equivalent basis): | ||||||||||||||
| Interest income (fully tax equivalent basis) (non-GAAP) | $ | 168,528 | $ | 157,204 | ||||||||||
| Interest expense (fully tax equivalent basis) (non-GAAP) | 32,456 | 39,530 | ||||||||||||
| Net interest income (fully tax equivalent basis) (non-GAAP) | $ | 136,072 | $ | 117,674 | ||||||||||
| Average total earning assets | $ | 4,092,076 | $ | 3,194,911 | ||||||||||
| Less: average mark to market adjustment on investments | 18,884 | 5,631 | ||||||||||||
| Adjusted average total earning assets, net of mark to market (non-GAAP) | $ | 4,073,192 | $ | 3,189,280 | ||||||||||
| Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.34 | % | 3.69 | % | ||||||||||
| Calculation of net interest margin (fully tax equivalent basis), net of PPP-related assets and PPP-related fees: | ||||||||||||||
| Net interest income (fully tax equivalent basis) (non-GAAP) | $ | 136,072 | $ | 117,674 | ||||||||||
| Less: Recognized PPP-related fees | 5,140 | 0 | ||||||||||||
| Adjusted interest income (fully tax equivalent basis), net of PPP-related fees (non-GAAP) | $ | 130,932 | $ | 117,674 | ||||||||||
| Adjusted average total earning assets, net of market to market, PPP-related assets (non-GAAP) | $ | 3,736,874 | $ | 3,189,280 | ||||||||||
| Net interest margin, fully tax equivalent basis, net of PPP-related assets and PPP-related fees (non-GAAP) (annualized) | 3.50 | % | 3.69 | % | ||||||||||
| Non-GAAP Reconciliations: | ||||||||||||||
| Twelve Months Ended | ||||||||||||||
| December 31, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Calculation of adjusted earnings per common share, net of merger costs, prepayment penalties and branch closure costs: | ||||||||||||||
| Net earnings allocated to common stock | $ | 31,496 | $ | 39,934 | ||||||||||
| Add: Merger costs, prepayment penalties and branch closure costs, after-tax allocated to common stock | 10,138 | 134 | ||||||||||||
| Adjusted net earnings allocated to common stock (non-GAAP) | $ | 41,634 | $ | 40,068 | ||||||||||
| Weighted average common shares outstanding | 16,048 | 15,219 | ||||||||||||
| Less: Average participating shares | 48 | 55 | ||||||||||||
| Add: Dilutive shares | 0 | 0 | ||||||||||||
| Weighted average shares and dilutive potential common shares | 16,000 | 15,164 | ||||||||||||
| Adjusted diluted earnings per common share, net of merger costs, prepayment penalties and branch closure costs | $ | 2.60 | $ | 2.64 | ||||||||||
| Calculation of PTPP income: | ||||||||||||||
| Net income | $ | 32,743 | $ | 40,081 | ||||||||||
| Add: Provision expense | 15,354 | 6,024 | ||||||||||||
| Add: Income tax expense | 7,347 | 8,560 | ||||||||||||
| PTPP income (non-GAAP) | $ | 55,444 | $ | 54,665 | ||||||||||
| Calculation of PTPP income before merger costs, prepayment penalties and branch closure costs: | ||||||||||||||
| PTPP income (non-GAAP) | $ | 55,444 | $ | 54,665 | ||||||||||
| Add: Merger costs, prepayment penalties and branch closure costs | 12,642 | 170 | ||||||||||||
| PTPP before merger costs, prepayment penalties and branch closure costs (non-GAAP) | $ | 68,086 | $ | 54,835 | ||||||||||
| Calculation of non-interest expenses excluding merger costs, prepayment penalties and branch closure costs: | ||||||||||||||
| Non-interest expense | $ | 107,326 | $ | 87,508 | ||||||||||
| Less: Merger costs, prepayment penalties and branch closure costs | 12,642 | 170 | ||||||||||||
| Non-interest expense excluding merger costs, prepayment penalties and branch closure costs (non-GAAP) | $ | 94,684 | $ | 87,338 | ||||||||||
| Calculation of non-interest expenses excluding merger costs, prepayment penalties and branch closure costs to average assets, net of PPP-related assets: | ||||||||||||||
| Non-interest expense excluding merger costs, prepayment penalties and branch closure costs (non-GAAP) | $ | 94,684 | $ | 87,338 | ||||||||||
| Adjusted average total assets, net of PPP-related assets (non-GAAP) | $ | 4,010,824 | $ | 3,413,737 | ||||||||||
| Non-interest expenses excluding merger costs, prepayment penalties and branch closure costs to average assets, net of PPP-related assets (non-GAAP) | 2.36 | % | 2.56 | % | ||||||||||
| Non-GAAP Reconciliations: | ||||||||||||||
| Twelve Months Ended | ||||||||||||||
| December 31, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Calculation of adjusted efficiency ratio, net of merger costs, prepayment penalties and branch closure costs: | ||||||||||||||
| Non-interest expense | $ | 107,326 | $ | 87,508 | ||||||||||
| Less: core deposit intangible amortization | 206 | 567 | ||||||||||||
| Less: merger costs, prepayment penalties and branch closure costs | 12,642 | 170 | ||||||||||||
| Adjusted non-interest expense (non-GAAP) | $ | 94,478 | $ | 86,771 | ||||||||||
| Non-interest income | $ | 28,059 | $ | 25,975 | ||||||||||
| Net interest income | $ | 134,711 | $ | 116,198 | ||||||||||
| Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) | 5,703 | 6,664 | ||||||||||||
| Add: tax exempt investment and loan income (non-GAAP) (tax-equivalent) | 7,490 | 8,946 | ||||||||||||
| Adjusted net interest income (non-GAAP) | 136,498 | 118,480 | ||||||||||||
| Adjusted net revenue (non-GAAP) (tax-equivalent) | $ | 164,557 | $ | 144,455 | ||||||||||
| Adjusted efficiency ratio, net of merger costs, prepayment penalties and branch closure costs | 57.41 | % | 60.07 | % | ||||||||||
| Calculation of adjusted return on average total assets, net of merger costs, prepayment penalties, branch closure costs and PPP-related assets: | ||||||||||||||
| Net income | $ | 32,743 | $ | 40,081 | ||||||||||
| Add: merger costs, prepayment penalties and branch closure costs (net of tax) | 10,168 | 134 | ||||||||||||
| Adjusted net income (non-GAAP)(net of tax) | $ | 42,911 | $ | 40,215 | ||||||||||
| Average total assets | $ | 4,347,142 | $ | 3,413,737 | ||||||||||
| Adjusted return on average total assets, net of merger costs, prepayment penalties, branch closure costs and PPP-related assets (non-GAAP)(annualized) | 0.99 | % | 1.18 | % | ||||||||||
| Calculation of adjusted return on average tangible common equity, net of merger costs, prepayment penalties and branch closure costs: | ||||||||||||||
| Net income available to common stockholders | $ | 31,596 | $ | 40,081 | ||||||||||
| Add: merger costs, prepayment penalties and branch closure costs (net of tax) | 10,168 | 134 | ||||||||||||
| Adjusted net income (non-GAAP)(net of tax) | $ | 41,764 | $ | 40,215 | ||||||||||
| Average tangible shareholders' common equity | $ | 296,142 | $ | 246,161 | ||||||||||
| Adjusted return on average tangible common equity, net of merger costs, prepayment penalties and branch closure costs (non-GAAP)(annualized) | 14.10 | % | 16.34 | % | ||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||
|
Change in
Basis Points |
% Change in Net
Interest Income |
Change in
Basis Points |
% Change in Net
Interest Income |
|||||||||||||||||
| 400 | 5.0% | 400 | (0.9)% | |||||||||||||||||
| 300 | 2.8% | 300 | (1.0)% | |||||||||||||||||
| 200 | 1.7% | 200 | (0.3)% | |||||||||||||||||
| 100 | (0.2)% | 100 | (0.6)% | |||||||||||||||||
| (100) | (7.2)% | (100) | (2.9)% | |||||||||||||||||
| (200) | (11.4)% | (200) | (2.6)% | |||||||||||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ |
|
$ |
|
|||||||
| Interest bearing deposits with other banks |
|
|
|||||||||
| Total cash and cash equivalents |
|
|
|||||||||
|
Debt securities available for sale, at fair value (amortized cost of $
|
|
|
|||||||||
| Trading securities |
|
|
|||||||||
| Loans held for sale |
|
|
|||||||||
| Loans |
|
|
|||||||||
| Less: allowance for credit losses |
(
|
(
|
|||||||||
| Net loans |
|
|
|||||||||
| FHLB and other equity interests |
|
|
|||||||||
| Premises and equipment, net |
|
|
|||||||||
| Operating lease right-of-use assets |
|
|
|||||||||
| Bank owned life insurance |
|
|
|||||||||
| Mortgage servicing rights |
|
|
|||||||||
| Goodwill |
|
|
|||||||||
| Core deposit intangible |
|
|
|||||||||
| Accrued interest receivable and other assets |
|
|
|||||||||
| Total Assets | $ |
|
$ |
|
|||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Non-interest bearing deposits | $ |
|
$ |
|
|||||||
| Interest bearing deposits |
|
|
|||||||||
| Total deposits |
|
|
|||||||||
| FHLB and other long-term borrowings |
|
|
|||||||||
| Subordinated debentures |
|
|
|||||||||
| Operating lease liabilities |
|
|
|||||||||
| Accrued interest payable and other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Commitments and contingent liabilities |
|
|
|||||||||
|
Preferred stock, Series A non-cumulative perpetual, $
|
|
|
|||||||||
|
Common stock, $
|
|
|
|||||||||
| Additional paid in capital |
|
|
|||||||||
| Retained earnings |
|
|
|||||||||
|
Treasury stock, at cost (
|
(
|
(
|
|||||||||
| Accumulated other comprehensive income (loss) |
|
|
|||||||||
| Total shareholders’ equity |
|
|
|||||||||
| Total Liabilities and Shareholders’ Equity | $ |
|
$ |
|
|||||||
| See Notes to Consolidated Financial Statements | ||
| Year ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Interest and dividend income: | |||||||||||||||||
| Loans including fees | $ |
|
$ |
|
$ |
|
|||||||||||
| Securities and cash and cash equivalents: | |||||||||||||||||
| Taxable |
|
|
|
||||||||||||||
| Tax-exempt |
|
|
|
||||||||||||||
| Dividends |
|
|
|
||||||||||||||
| Total interest and dividend income |
|
|
|
||||||||||||||
| Interest Expense: | |||||||||||||||||
| Deposits |
|
|
|
||||||||||||||
| Borrowed funds |
|
|
|
||||||||||||||
|
Subordinated debentures (includes $
|
|
|
|
||||||||||||||
| Total interest expense |
|
|
|
||||||||||||||
| Net Interest Income |
|
|
|
||||||||||||||
| Provision for credit loss expense |
|
|
|
||||||||||||||
| Net interest income after provision for credit loss expense |
|
|
|
||||||||||||||
| Non-interest income: | |||||||||||||||||
| Service charges on deposit accounts |
|
|
|
||||||||||||||
| Other service charges and fees |
|
|
|
||||||||||||||
| Wealth and asset management fees |
|
|
|
||||||||||||||
|
Net realized gains on available-for-sale securities (includes $
|
|
|
|
||||||||||||||
| Net realized gains on trading securities |
|
|
|
||||||||||||||
| Net unrealized gains (losses) on trading securities |
|
|
(
|
||||||||||||||
| Realized gains on Visa Class B shares |
|
|
|
||||||||||||||
| Mortgage banking |
|
|
|
||||||||||||||
| Bank owned life insurance |
|
|
|
||||||||||||||
| Card processing and interchange income |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total non-interest income |
|
|
|
||||||||||||||
| Non-Interest Expenses: | |||||||||||||||||
| Salaries |
|
|
|
||||||||||||||
|
Employee benefits (includes $
|
|
|
|
||||||||||||||
| Net occupancy expense |
|
|
|
||||||||||||||
| Amortization of core deposit intangible |
|
|
|
||||||||||||||
| Data processing |
|
|
|
||||||||||||||
| State and local taxes |
|
|
|
||||||||||||||
| Legal, professional and examination fees |
|
|
|
||||||||||||||
| Advertising |
|
|
|
||||||||||||||
| FDIC insurance |
|
|
|
||||||||||||||
| Directors fees and benefits |
|
|
|
||||||||||||||
| Merger costs, prepayment penalties and branch closure costs |
|
|
|
||||||||||||||
| Dues and subscriptions |
|
|
|
||||||||||||||
| Card processing and interchange expenses |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total non-interest expenses |
|
|
|
||||||||||||||
| Income before income taxes |
|
|
|
||||||||||||||
|
Income tax expense (includes $
|
|
|
|
||||||||||||||
| Net Income |
|
|
|
||||||||||||||
| Preferred stock dividends |
|
|
|
||||||||||||||
| Net income available to common stockholders |
|
|
|
||||||||||||||
| Earnings Per Share: | |||||||||||||||||
| Basic | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted | $ |
|
$ |
|
$ |
|
|||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Change in actuarial gain (loss), for post-employment health care plan, net of amortization and tax |
|
|
|
||||||||||||||
| Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax |
(
|
(
|
(
|
||||||||||||||
| Total other comprehensive income (loss) |
|
|
(
|
||||||||||||||
| Comprehensive Income | $ |
|
$ |
|
$ |
|
|||||||||||
| See Notes to Consolidated Financial Statements | ||
| Preferred Stock |
Additional
Paid-In Capital |
Retained
Earnings |
Treasury
Stock |
Accumulated
Other Comprehensive Income (Loss) |
Total
Share- holders’ Equity |
||||||||||||||||||||||||||||||
| Balance, January 1, 2018 | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
| Net income |
|
|
|||||||||||||||||||||||||||||||||
| Other comprehensive income |
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Forfeiture of restricted stock award grants (
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
Restricted stock award grants (
|
(
|
|
|
||||||||||||||||||||||||||||||||
| Stock-based compensation expense |
|
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Cash dividends declared ($
|
(
|
(
|
|||||||||||||||||||||||||||||||||
| Balance, December 31, 2018 |
|
|
|
(
|
(
|
|
|||||||||||||||||||||||||||||
| Net income |
|
|
|||||||||||||||||||||||||||||||||
| Other comprehensive loss |
|
|
|||||||||||||||||||||||||||||||||
|
Forfeiture of restricted stock award grants (
|
|
(
|
|
||||||||||||||||||||||||||||||||
|
Restricted stock award grants (
|
(
|
|
|
||||||||||||||||||||||||||||||||
|
Performance based restricted stock award grants (
|
(
|
|
|
||||||||||||||||||||||||||||||||
| Stock-based compensation expense |
|
|
|||||||||||||||||||||||||||||||||
|
Issuance of common stock, net of issuance costs (
|
|
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Cash dividends declared ($
|
(
|
(
|
|||||||||||||||||||||||||||||||||
| Balance, December 31, 2019 |
|
|
|
(
|
|
|
|||||||||||||||||||||||||||||
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Net income |
|
|
|||||||||||||||||||||||||||||||||
| Other comprehensive income |
|
|
|||||||||||||||||||||||||||||||||
|
Restricted stock award grants (
|
(
|
|
|
||||||||||||||||||||||||||||||||
|
Performance based restricted stock award grants (
|
(
|
|
|
||||||||||||||||||||||||||||||||
| Stock-based compensation expense |
|
|
|||||||||||||||||||||||||||||||||
|
Issuance of common stock, net of issuance costs (
|
|
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (
|
(
|
(
|
|||||||||||||||||||||||||||||||||
| Issuance of preferred equity, net of issuance costs |
|
|
|||||||||||||||||||||||||||||||||
| Acquisition of Bank of Akron |
|
|
|||||||||||||||||||||||||||||||||
| Preferred cash dividend declared |
(
|
(
|
|||||||||||||||||||||||||||||||||
|
Common cash dividends declared ($
|
(
|
(
|
|||||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
(
|
|
$ |
|
||||||||||||||||||||||||
| See Notes to Consolidated Financial Statements | ||
| Year ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash Flows From Operating Activities: | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
| Adjustments to reconcile net income to net cash provided by operations: | |||||||||||||||||
| Provision for loan losses |
|
|
|
||||||||||||||
| Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights |
|
|
|
||||||||||||||
| Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income |
(
|
(
|
(
|
||||||||||||||
| Amortization and accretion of deferred PPP processing fees |
(
|
|
|
||||||||||||||
| Deferred taxes |
|
(
|
(
|
||||||||||||||
| Net realized gains on sales of available-for-sale securities |
(
|
(
|
|
||||||||||||||
| Net realized and unrealized losses (gains) on trading securities |
(
|
(
|
|
||||||||||||||
| Proceeds from sale of Visa Class B shares |
|
|
|
||||||||||||||
| Gain on sale of Visa Class B shares |
|
(
|
|
||||||||||||||
| Gain on sale of loans |
(
|
(
|
(
|
||||||||||||||
| Net losses (gains) on dispositions of premises and equipment and foreclosed assets |
|
(
|
|
||||||||||||||
| Proceeds from sale of loans |
|
|
|
||||||||||||||
| Origination of loans held for sale |
(
|
(
|
(
|
||||||||||||||
| Income on bank owned life insurance, including death benefit of proceeds in excess of cash surrender value |
(
|
(
|
(
|
||||||||||||||
| Stock-based compensation expense |
|
|
|
||||||||||||||
| Changes in: | |||||||||||||||||
| Accrued interest receivable and other assets |
(
|
|
(
|
||||||||||||||
| Accrued interest payable, lease liabilities, and other liabilities |
(
|
|
|
||||||||||||||
| Net Cash Provided By Operating Activities |
|
|
|
||||||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||
| Proceeds from maturities, prepayments and calls of available-for-sale securities |
|
|
|
||||||||||||||
| Proceeds from sales of available-for-sale securities |
|
|
|
||||||||||||||
| Proceeds from sale of trading securities |
|
|
|
||||||||||||||
| Purchase of available-for-sale securities |
(
|
(
|
(
|
||||||||||||||
| Purchase of trading securities |
(
|
(
|
(
|
||||||||||||||
| Loan origination and payments, net |
(
|
(
|
(
|
||||||||||||||
| Purchase of bank owned life insurance |
|
(
|
|
||||||||||||||
| Net cash from business combinations |
|
|
|
||||||||||||||
| Repayment (purchase) of FHLB and other equity interests |
|
(
|
(
|
||||||||||||||
| Purchase of premises and equipment |
(
|
(
|
(
|
||||||||||||||
| Proceeds from the sale of premises and equipment and foreclosed assets |
|
|
|
||||||||||||||
| Net Cash Used In Investing Activities |
(
|
(
|
(
|
||||||||||||||
| Cash Flows From Financing Activities: | |||||||||||||||||
| Net change in: | |||||||||||||||||
| Checking, money market and savings accounts |
|
|
|
||||||||||||||
| Certificates of deposit |
(
|
|
|
||||||||||||||
| Deposits held for sale |
|
|
|
||||||||||||||
| Purchase of treasury stock |
(
|
(
|
(
|
||||||||||||||
| Proceeds from stock offering, net of issuance costs |
|
|
|
||||||||||||||
| Proceeds from preferred stock offering, net of issuance costs |
|
|
|
||||||||||||||
| Cash dividends paid on common stock |
(
|
(
|
(
|
||||||||||||||
| Cash dividends paid on preferred stock |
(
|
|
|
||||||||||||||
| Proceeds from long-term borrowings |
|
|
|
||||||||||||||
| Repayments on long-term borrowings |
(
|
(
|
(
|
||||||||||||||
| Net change in short-term borrowings |
|
|
(
|
||||||||||||||
| Net Cash Provided By Financing Activities |
|
|
|
||||||||||||||
| Net Increase in Cash and Cash Equivalents |
|
|
|
||||||||||||||
| Cash and Cash Equivalents, Beginning |
|
|
|
||||||||||||||
| Cash and Cash Equivalents, Ending | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental Disclosure of Cash Flow Information: | |||||||||||||||||
| Cash paid during the period for: | |||||||||||||||||
| Interest | $ |
|
$ |
|
$ |
|
|||||||||||
| Income taxes |
|
|
|
||||||||||||||
| Supplemental Noncash Disclosures: | |||||||||||||||||
| Transfers to other real estate owned | $ |
|
$ |
|
$ |
|
|||||||||||
| Grant of restricted stock awards from treasury stock |
|
|
|
||||||||||||||
| Grant of performance based restricted stock awards from treasury stock |
|
|
|
||||||||||||||
| Restricted stock forfeiture |
|
|
|
||||||||||||||
| Right of use assets obtained in exchange for lease liabilities |
|
|
|
||||||||||||||
| See Notes to Consolidated Financial Statements | ||
| January 1, 2020 | |||||||||||||||||||||||||||||
| Pre-CECL Adoption |
Reclassification to CECL
Portfolio Segmentation |
Pre-CECL
Adoption Portfolio Segmentation |
Post-CECL
Adoption Portfolio Segmentation |
Impact of
CECL Adoption |
|||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||
| Commercial, industrial and agricultural | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
Farmland
|
|
|
|
|
|
||||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
|
|
|
||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
|
|
|
|
|
||||||||||||||||||||||||
|
Commercial and Industrial
|
|
|
|
|
|
||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|
|
|
|
|
||||||||||||||||||||||||
|
Other loans
|
|
|
|
|
|
||||||||||||||||||||||||
| Commercial mortgages |
|
(
|
|
|
|
||||||||||||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
|
|
||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|
|
|
||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
|
|
||||||||||||||||||||||||
| Residential real estate |
|
(
|
|
|
|
||||||||||||||||||||||||
| 1-4 Family Construction |
|
|
|
|
|
||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
||||||||||||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
|
|
||||||||||||||||||||||||
| Residential Mortgages secured by junior liens |
|
|
|
|
|
||||||||||||||||||||||||
| Consumer, net of unearned discount |
|
(
|
|
|
|
||||||||||||||||||||||||
| Other revolving credit plans |
|
|
|
|
|
||||||||||||||||||||||||
| Automobile |
|
|
|
|
|
||||||||||||||||||||||||
| Other consumer |
|
|
|
|
|
||||||||||||||||||||||||
| Credit cards |
|
|
|
|
|
||||||||||||||||||||||||
| Overdrafts |
|
|
|
|
|
||||||||||||||||||||||||
| Total loans | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| January 1, 2020 | |||||||||||||||||||||||||||||
| Pre-CECL Adoption |
Reclassification to CECL
Portfolio Segmentation |
Pre-CECL
Adoption Portfolio Segmentation |
Post-CECL
Adoption Portfolio Segmentation |
Impact of
CECL Adoption |
|||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Allowance for credit losses on loans: | |||||||||||||||||||||||||||||
| Commercial, industrial and agricultural | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
Farmland
|
|
|
|
|
|
||||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
|
|
(
|
||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
|
|
|
|
|
||||||||||||||||||||||||
|
Commercial and Industrial
|
|
|
|
|
(
|
||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|
|
|
|
(
|
||||||||||||||||||||||||
|
Other loans
|
|
|
|
|
|
||||||||||||||||||||||||
| Commercial mortgages |
|
(
|
|
|
|
||||||||||||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
|
|
||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|
|
|
||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
|
|
||||||||||||||||||||||||
| Residential real estate |
|
(
|
|
|
|
||||||||||||||||||||||||
| 1-4 Family Construction |
|
|
|
|
(
|
||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
||||||||||||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
|
|
||||||||||||||||||||||||
| Residential Mortgages secured by junior liens |
|
|
|
|
|
||||||||||||||||||||||||
| Consumer |
|
(
|
|
|
|
||||||||||||||||||||||||
| Other revolving credit plans |
|
|
|
|
|
||||||||||||||||||||||||
| Automobile |
|
|
|
|
(
|
||||||||||||||||||||||||
| Other consumer |
|
|
|
|
|
||||||||||||||||||||||||
| Credit cards |
|
|
|
|
(
|
||||||||||||||||||||||||
| Overdrafts |
|
|
|
|
|
||||||||||||||||||||||||
| Total allowance for credit losses on loans | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Retained earnings: | |||||||||||||||||||||||||||||
| Total increase in allowance for credit losses on loans | $ |
|
|||||||||||||||||||||||||||
| Balance sheet reclassification |
(
|
||||||||||||||||||||||||||||
| Total pre-tax impact |
|
||||||||||||||||||||||||||||
| Tax effect |
(
|
||||||||||||||||||||||||||||
| Decrease in retained earnings | $ |
|
|||||||||||||||||||||||||||
| July 17, 2020 | |||||
| Merger consideration | |||||
|
Value of stock consideration assigned to Bank of Akron common shares exchanged for stock paid to shareholders
|
$ |
|
|||
|
Value of cash consideration for Bank of Akron common stock exchanged for cash
|
|
||||
| Total merger consideration | $ |
|
|||
| July 17, 2020 | |||||
| Identifiable net assets acquired, at fair value | |||||
| Assets acquired | |||||
| Cash and due from banks | $ |
|
|||
| Interest bearing deposits with other banks |
|
||||
| Investment securities |
|
||||
| Loans, net of allowance for credit losses on PCD loans |
|
||||
| Premises and equipment, net |
|
||||
| Core deposit intangible |
|
||||
| Deferred tax assets |
|
||||
| Bank owned life insurance |
|
||||
| Accrued interest receivable and other assets |
|
||||
| Total assets acquired | $ |
|
|||
| Liabilities assumed | |||||
| Deposits | $ |
|
|||
| Accrued interest payable and other liabilities |
|
||||
| Total liabilities assumed |
|
||||
| Total fair value of identifiable net assets |
|
||||
| Total merger consideration |
|
||||
| Goodwill recognized | $ |
|
|||
| December 31, 2020 | December 31, 2019 | |||||||||||||
| Net interest income | $ |
|
$ |
|
||||||||||
| Net income | $ |
|
$ |
|
||||||||||
| Basic earnings per common share | $ |
|
$ |
|
||||||||||
| Diluted earnings per common share | $ |
|
$ |
|
||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| Amortized | Gross Unrealized | Fair | Amortized | Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||||
| Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||||
| U.S. Gov’t sponsored entities | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||
| State & political subdivisions |
|
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
| Residential & multi-family mortgage |
|
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
| Corporate notes & bonds |
|
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
| Pooled SBA |
|
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
| Other |
|
|
(
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||
| Year ended December 31 | Proceeds | Gross Gains | Gross Losses | ||||||||||||||
| 2020 | $ |
|
$ |
|
$ |
|
|||||||||||
| 2019 |
|
|
|
||||||||||||||
| 2018 |
|
|
|
||||||||||||||
| December 31, 2020 | |||||||||||
| Amortized Cost | Fair Value | ||||||||||
| 1 year or less | $ |
|
$ |
|
|||||||
| 1 year – 5 years |
|
|
|||||||||
| 5 years – 10 years |
|
|
|||||||||
| After 10 years |
|
|
|||||||||
|
|
|
||||||||||
| Residential and multi-family mortgage |
|
|
|||||||||
| Pooled SBA |
|
|
|||||||||
| Total debt securities | $ |
|
$ |
|
|||||||
| December 31, 2020 | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||
| Description of Securities |
Fair
Value |
Unrealized
Loss |
Fair
Value |
Unrealized
Loss |
Fair
Value |
Unrealized
Loss |
|||||||||||||||||||||||||||||
| U.S. Gov’t sponsored entities | $ |
|
$ |
(
|
|
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||
| State & political subdivisions |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Residential & multi-family mortgage |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Corporate notes & bonds |
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Pooled SBA |
|
(
|
|
|
|
(
|
|||||||||||||||||||||||||||||
| Other |
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
||||||||||||||||||||||||
| December 31, 2019 | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||
| Description of Securities |
Fair
Value |
Unrealized
Loss |
Fair
Value |
Unrealized
Loss |
Fair
Value |
Unrealized
Loss |
|||||||||||||||||||||||||||||
| U.S. Gov’t sponsored entities |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| State & political subdivisions |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Residential and multi-family mortgage |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Corporate notes & bonds |
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Pooled SBA |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
| Other |
|
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
|
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Corporate equity securities | $ |
|
$ |
|
|||||||
| Mutual funds |
|
|
|||||||||
| Money market |
|
|
|||||||||
| Corporate notes and bonds |
|
|
|||||||||
| U.S. Government sponsored entities |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
| 2020 |
Percentage
of Total |
||||||||||
|
Farmland
|
$ |
|
|
% | |||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
% | ||||||||
|
Agricultural production and other loans to farmers
|
|
|
% | ||||||||
|
Commercial and Industrial
|
|
|
% | ||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|
|
% | ||||||||
|
Other loans
|
|
|
% | ||||||||
| Other construction loans and all land development and other land loans |
|
|
% | ||||||||
|
Multifamily (5 or more) residential properties
|
|
|
% | ||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
% | ||||||||
| 1-4 Family Construction |
|
|
% | ||||||||
| Home equity lines of credit |
|
|
% | ||||||||
| Residential Mortgages secured by first liens |
|
|
% | ||||||||
| Residential Mortgages secured by junior liens |
|
|
% | ||||||||
| Other revolving credit plans |
|
|
% | ||||||||
| Automobile |
|
|
% | ||||||||
| Other consumer |
|
|
% | ||||||||
| Credit cards |
|
|
% | ||||||||
| Overdrafts |
|
|
% | ||||||||
| Total loans | $ |
|
|
% | |||||||
| Less: Allowance for credit losses |
(
|
||||||||||
| Loans, net | $ |
|
|||||||||
| Net deferred loan origination fees (costs) and unearned discount included in the above loan table | $ |
|
|||||||||
| 2019 |
Percentage
of Total |
||||||||||
| Commercial, industrial, and agricultural | $ |
|
|
% | |||||||
| Commercial mortgages |
|
|
% | ||||||||
| Residential real estate |
|
|
% | ||||||||
| Consumer |
|
|
% | ||||||||
| Credit cards |
|
|
% | ||||||||
| Overdrafts |
|
|
% | ||||||||
| Less: unearned discount |
(
|
(
|
% | ||||||||
| Total loans | $ |
|
|
% | |||||||
| Less: Allowance for loan losses |
(
|
||||||||||
| Loans, net | $ |
|
|||||||||
| Net deferred loan origination fees (costs) included in the above loan table | $ |
|
|||||||||
|
Beginning
Allowance (Before ASC 326 Adoption) |
Impact of ASC 326 Adoption | Initial Allowance on Loans Purchased with Credit Deterioration | (Charge-offs) | Recoveries | Provision (Benefit) for Credit Loss Expense | Ending Allowance (After ASC 326 Adoption) | |||||||||||||||||||||||||||||||||||
|
Farmland
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
(
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
|
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||
|
Commercial and Industrial
|
|
(
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Other loans
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
|
|
(
|
|
||||||||||||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| 1-4 Family Construction |
|
(
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Residential Mortgages secured by junior liens |
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Other revolving credit plans |
|
|
|
(
|
|
(
|
|
||||||||||||||||||||||||||||||||||
| Automobile |
|
(
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Other consumer |
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Credit cards |
|
(
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Overdrafts |
|
|
|
(
|
|
|
|
||||||||||||||||||||||||||||||||||
| Total loans | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
Commercial,
Industrial, and Agricultural |
Commercial
Mortgages |
Residential
Real Estate |
Consumer |
Credit
Cards |
Overdrafts | Total | |||||||||||||||||||||||||||||||||||
| Allowance for loan losses, January 1, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Recoveries |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Provision for loan losses |
|
|
(
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Allowance for loan losses, December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
Commercial,
Industrial, and Agricultural |
Commercial
Mortgages |
Residential
Real Estate |
Consumer |
Credit
Cards |
Overdrafts | Total | |||||||||||||||||||||||||||||||||||
| Allowance for loan losses, January 1, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Charge-offs |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||
| Recoveries |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Provision for loan losses |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Allowance for loan losses, December 31, 2018 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| December 31, 2019 |
Commercial,
Industrial, and Agricultural |
Commercial
Mortgages |
Residential
Real Estate |
Consumer |
Credit
Cards |
Overdrafts | Total | ||||||||||||||||||||||||||||||||||
| Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
| Ending allowance balance attributable to loans: | |||||||||||||||||||||||||||||||||||||||||
| Individually evaluated for impairment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Modified in a troubled debt restructuring |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Total ending allowance balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Loans: | |||||||||||||||||||||||||||||||||||||||||
| Individually evaluated for impairment | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Collectively evaluated for impairment |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Acquired with deteriorated credit quality |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Modified in a troubled debt restructuring |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Total ending loans balance | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| December 31, 2019 | Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||||||
| With an allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
$ |
|
$ |
|
|||||||||||
| Commercial mortgage |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| With no related allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural |
|
|
0 | ||||||||||||||
| Commercial mortgage |
|
|
0 | ||||||||||||||
| Residential real estate |
|
|
0 | ||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||
|
Average
Recorded Investment |
Interest
Income Recognized |
Cash Basis
Interest Recognized |
|||||||||||||||
| With an allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
$ |
|
$ |
|
|||||||||||
| Commercial mortgage |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Overdrafts |
|
|
|
||||||||||||||
| With no related allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural |
|
|
|
||||||||||||||
| Commercial mortgage |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Overdrafts |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Year Ended December 31, 2018 | |||||||||||||||||
|
Average
Recorded Investment |
Interest
Income Recognized |
Cash Basis
Interest Recognized |
|||||||||||||||
| With an allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
$ |
|
$ |
|
|||||||||||
| Commercial mortgage |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Overdrafts |
|
|
|
||||||||||||||
| With no related allowance recorded: | |||||||||||||||||
| Commercial, industrial, and agricultural |
|
|
|
||||||||||||||
| Commercial mortgage |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| Nonaccrual | Nonaccrual With No Allowance for Credit Loss | Loans Past Due over 89 Days Still Accruing | |||||||||||||||
|
Farmland
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
|
||||||||||||||
|
Commercial and Industrial
|
|
|
|
||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
||||||||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|
||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
||||||||||||||
| Home equity lines of credit |
|
|
|
||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
||||||||||||||
| Residential Mortgages secured by junior liens |
|
|
|
||||||||||||||
| Other revolving credit plans |
|
|
|
||||||||||||||
| Automobile |
|
|
|
||||||||||||||
| Other consumer |
|
|
|
||||||||||||||
| Credit cards |
|
|
|
||||||||||||||
| Total loans | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2019 | |||||||||||
| Nonaccrual |
Past Due
Over 90 Days Still on Accrual |
||||||||||
| Commercial, industrial, and agricultural | $ |
|
|
||||||||
| Commercial mortgages |
|
|
|||||||||
| Residential real estate |
|
|
|||||||||
| Consumer |
|
|
|||||||||
| Credit cards |
|
|
|||||||||
| Total | $ |
|
$ |
|
|||||||
| Real Estate Collateral | Non-Real Estate Collateral | ||||||||||
|
Farmland
|
$ |
|
$ |
|
|||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
|||||||||
|
Commercial and Industrial
|
|
|
|||||||||
| Other construction loans and all land development and other land loans |
|
|
|||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|||||||||
| Residential Mortgages secured by first liens |
|
|
|||||||||
| Total loans | $ |
|
$ |
|
|||||||
|
30 - 59
Days Past Due |
60 - 89
Days Past Due |
Greater Than 89
Days Past Due |
Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||
|
Farmland
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Commercial and Industrial
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Other loans
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 1-4 Family Construction |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Home equity lines of credit |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential Mortgages secured by junior liens |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other revolving credit plans |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Automobile |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other consumer |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Credit cards |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Overdrafts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total loans | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| December 31, 2019 |
30-59 Days
Past Due |
60-89 Days
Past Due |
Greater Than
89 Days Past Due |
Total
Past Due |
Loans Not
Past Due |
Total | |||||||||||||||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Commercial mortgages |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Residential real estate |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Consumer |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Credit cards |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Overdrafts |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||
|
Number of
Loans |
Pre-Modification
Outstanding Recorded Investment |
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|
$ |
|
$ |
|
||||||||||||
|
Commercial and Industrial
|
|
|
|
||||||||||||||
| Other construction loans and all land development and other land loans |
|
|
|
||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|
|
|
||||||||||||||
| Residential Mortgages secured by first liens |
|
|
|
||||||||||||||
| Total loans |
|
$ |
|
$ |
|
||||||||||||
| Year Ended December 31, 2019 | |||||||||||||||||
|
Number of
Loans |
Pre-Modification
Outstanding Recorded Investment |
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
| Commercial, industrial, and agricultural |
|
$ |
|
$ |
|
||||||||||||
| Commercial mortgages |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Consumer |
|
|
|
||||||||||||||
| Credit cards |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
| Year Ended December 31, 2018 | |||||||||||||||||
|
Number of
Loans |
Pre-Modification
Outstanding Recorded Investment |
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
| Commercial, industrial, and agricultural |
|
$ |
|
$ |
|
||||||||||||
| Commercial mortgages |
|
|
|
||||||||||||||
| Residential real estate |
|
|
|
||||||||||||||
| Consumer |
|
|
|
||||||||||||||
| Credit cards |
|
|
|
||||||||||||||
| Total |
|
$ |
|
$ |
|
||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
|
Farmland
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Owner-occupied, nonfarm nonresidential properties
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Agricultural production and other loans to farmers
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Commercial and Industrial
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Obligations (other than securities and leases) of states and political subdivisions
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Other loans
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Other construction loans and all land development and other land loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Multifamily (5 or more) residential properties
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Non-owner occupied, nonfarm nonresidential properties
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Special mention |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Substandard |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Doubtful |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| December 31, 2019 | Pass |
Special
Mention |
Substandard | Doubtful | Total | ||||||||||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Commercial mortgages |
|
|
|
|
|
||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
|
1-4 Family Construction
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Home equity lines of credit
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Residential mortgages secured by first lien
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Residential mortgages secured by junior liens
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Other revolving credit plans
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Automobile
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
|
Other consumer
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payment performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
1 | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||
| Nonperforming |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||
| December 31, 2020 | |||||
| Consumer | |||||
| Credit card | |||||
| Payment performance | |||||
| Performing | $ |
|
|||
| Nonperforming |
|
||||
| Total | $ |
|
|||
| December 31, 2019 | |||||||||||||||||
|
Residential
Real Estate |
Consumer |
Credit
Cards |
|||||||||||||||
| Performing | $ |
|
$ |
|
$ |
|
|||||||||||
| Nonperforming |
|
|
|
||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
|||||||||||
| July 17, 2020 | |||||
| Purchase price of loans at acquisition | $ |
|
|||
| Allowance for credit losses at acquisition |
|
||||
| Non-credit discount / (premium) at acquisition |
|
||||
| Par value of acquired loans at acquisition | $ |
|
|||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Gross consumer loans | $ |
|
$ |
|
|||||||
| Less: unearned discounts |
(
|
(
|
|||||||||
| Total consumer loans, net of unearned discounts | $ |
|
$ |
|
|||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Balance, beginning of year | $ |
|
$ |
|
$ |
|
|||||||||||
| Loans transferred to real estate owned |
|
|
|
||||||||||||||
| Sales of real estate owned (at carrying value) |
(
|
(
|
(
|
||||||||||||||
| Balance, end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Net loss (gain) on sales | $ |
|
$ |
(
|
$ |
(
|
|||||||||||
| Operating expenses, net of rental income |
|
|
|
||||||||||||||
| $ |
|
$ |
(
|
$ |
(
|
||||||||||||
| Fair Value Measurements at December 31, 2020 Using | |||||||||||||||||||||||
| Description | Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Securities Available For Sale: | |||||||||||||||||||||||
| U.S. Government sponsored entities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| States and political subdivisions |
|
|
|
|
|||||||||||||||||||
| Residential and multi-family mortgage |
|
|
|
|
|||||||||||||||||||
| Corporate notes and bonds |
|
|
|
|
|||||||||||||||||||
| Pooled SBA |
|
|
|
|
|||||||||||||||||||
| Other |
|
|
|
|
|||||||||||||||||||
| Total Securities Available For Sale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest rate swaps | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Trading Securities: | |||||||||||||||||||||||
| Corporate equity securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Mutual funds |
|
|
|
|
|||||||||||||||||||
| Certificates of deposit |
|
|
|
|
|||||||||||||||||||
| Corporate notes and bonds |
|
|
|
|
|||||||||||||||||||
| U.S. Government sponsored entities |
|
|
|
|
|||||||||||||||||||
| Total Trading Securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Interest rate swaps | $ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||||||
| Description | Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Securities Available For Sale: | |||||||||||||||||||||||
| U.S. Government sponsored entities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| States and political subdivisions |
|
|
|
|
|||||||||||||||||||
| Residential and multi-family mortgage |
|
|
|
|
|||||||||||||||||||
| Corporate notes and bonds |
|
|
|
|
|||||||||||||||||||
| Pooled SBA |
|
|
|
|
|||||||||||||||||||
| Other |
|
|
|
|
|||||||||||||||||||
| Total Securities Available For Sale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Interest rate swaps | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Trading Securities: | |||||||||||||||||||||||
| Corporate equity securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Mutual funds |
|
|
|
|
|||||||||||||||||||
| Certificates of deposit |
|
|
|
|
|||||||||||||||||||
| Corporate notes and bonds |
|
|
|
|
|||||||||||||||||||
| U.S. Government sponsored entities |
|
|
|
|
|||||||||||||||||||
| Total Trading Securities | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Interest rate swaps | $ |
(
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||
| States and Political Subdivisions | Residential & Multi-Family Mortgage | ||||||||||
| Balance, January 1, 2020 | $ |
|
$ |
|
|||||||
| Purchases |
|
|
|||||||||
| Total gains or (losses): | |||||||||||
| Included in other comprehensive income (loss) |
|
|
|||||||||
| Transfers out of Level 3 |
(
|
$ |
(
|
||||||||
| Balance, December 31, 2020 | $ |
|
$ |
|
|||||||
| Residential & Multi-Family Mortgage | |||||
| Balance, January 1, 2019 | $ |
|
|||
| Purchases |
|
||||
| Total gains or (losses): | |||||
| Included in other comprehensive income (loss) |
(
|
||||
| Balance, December 31, 2019 | $ |
|
|||
| Fair Value Measurements at December 31, 2020 Using | |||||||||||||||||||||||
| Description | Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Collateral-dependent loans: | |||||||||||||||||||||||
| Farmland | $ |
|
|
|
$ |
|
|||||||||||||||||
| Owner-occupied, nonfarm nonresidential properties |
|
|
|
|
|||||||||||||||||||
| Commercial and industrial |
|
|
|
|
|||||||||||||||||||
| Other construction loans and all land development loans and other land loans |
|
|
|
|
|||||||||||||||||||
| Multifamily (5 or more) residential properties |
|
|
|
|
|||||||||||||||||||
| Non-owner occupied, nonfarm nonresidential |
|
|
|
|
|||||||||||||||||||
| Residential mortgages secured by first liens |
|
|
|
|
|||||||||||||||||||
| Fair Value Measurements at December 31, 2019 Using | |||||||||||||||||||||||
| Description | Total |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Impaired loans: | |||||||||||||||||||||||
| Commercial, industrial, and agricultural | $ |
|
|
|
$ |
|
|||||||||||||||||
| Commercial mortgages |
|
|
|
|
|||||||||||||||||||
|
Fair
value |
Valuation
Technique |
Unobservable Inputs |
Range
(Weighted Average) |
||||||||||||||||||||
| Collateral-dependent loans - Farmland | $ |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
||||||||||||||||||
| Collateral-dependent loans - Owner-occupied, nonfarm nonresidential properties |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Collateral-dependent loans - Commercial and industrial |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Collateral-dependent loans - Other construction loans and all land development loans and other land loans |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Collateral-dependent loans - Multifamily (5 or more) residential properties |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Collateral-dependent loans - Non-owner occupied, nonfarm nonresidential |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Collateral-dependent loans - Residential mortgages secured by first liens |
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
|
Fair
value |
Valuation
Technique |
Unobservable Inputs |
Range (Weighted
Average) |
||||||||||||||||||||
| Impaired loans – commercial, industrial, and agricultural |
$
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
| Impaired loans – commercial mortgages |
$
|
Valuation of third party appraisal on underlying collateral | Loss severity rates |
|
|||||||||||||||||||
|
Carrying
Amount |
Fair Value Measurement Using: |
Total
Fair Value |
|||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Securities available for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Trading securities |
|
|
|
|
|
||||||||||||||||||||||||
| Loans held for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Net loans |
|
|
|
|
|
||||||||||||||||||||||||
| FHLB and other equity interests |
|
n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
| Interest rate swaps |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest receivable |
|
|
|
|
|
||||||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||
| Deposits | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||
| FHLB and other borrowings |
|
|
|
|
|
||||||||||||||||||||||||
| Subordinated debentures |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| Interest rate swaps |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| Accrued interest payable |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
|
Carrying
Amount |
Fair Value Measurement Using: |
Total
Fair Value |
|||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Securities available for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Trading securities |
|
|
|
|
|
||||||||||||||||||||||||
| Loans held for sale |
|
|
|
|
|
||||||||||||||||||||||||
| Net loans |
|
|
|
|
|
||||||||||||||||||||||||
| FHLB and other equity interests |
|
n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
| Interest rate swaps |
|
|
|
|
|
||||||||||||||||||||||||
| Accrued interest receivable |
|
|
|
|
|
||||||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||
| Deposits | $ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||
| FHLB and other borrowings |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| Subordinated debentures |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| Interest rate swaps |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| Accrued interest payable |
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Loans originated for resale | $ |
|
$ |
|
$ |
|
|||||||||||
| Proceeds from sales of loans held for sale |
|
|
|
||||||||||||||
| Net gains on sales of loans held for sale |
|
|
|
||||||||||||||
| Loan servicing fees |
|
|
|
||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Balance, beginning of year | $ |
|
$ |
|
$ |
|
|||||||||||
| Additions |
|
|
|
||||||||||||||
| Servicing rights acquired |
|
|
|
||||||||||||||
| Amortization |
(
|
(
|
(
|
||||||||||||||
| Balance, end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Land | $ |
|
$ |
|
|||||||
| Premises and leasehold improvements |
|
|
|||||||||
| Furniture and equipment |
|
|
|||||||||
| Construction in process |
|
|
|||||||||
|
|
|
||||||||||
| Less: accumulated depreciation |
|
|
|||||||||
| Premises and equipment, net | $ |
|
$ |
|
|||||||
| Leases | Classification | December 31, 2020 | December 31, 2019 | |||||||||||||||||
| Assets: | ||||||||||||||||||||
| Operating lease assets | Operating lease assets | $ |
|
$ |
|
|||||||||||||||
| Finance lease assets |
Premises and equipment, net
(1)
|
|
|
|||||||||||||||||
| Total leased assets | $ |
|
$ |
|
||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Operating lease liabilities | Operating lease liabilities | $ |
|
$ |
|
|||||||||||||||
| Finance lease liabilities |
|
|
||||||||||||||||||
| Total leased liabilities | $ |
|
$ |
|
||||||||||||||||
| Lease Cost | Classification | December 31, 2020 | December 31, 2019 | |||||||||||||||||
| Operating lease cost | Net occupancy expense | $ |
|
$ |
|
|||||||||||||||
| Variable lease cost | Net occupancy expense |
|
|
|||||||||||||||||
| Finance lease cost: | ||||||||||||||||||||
| Amortization of leased assets | Net occupancy expense |
|
|
|||||||||||||||||
| Interest on lease liabilities | Interest expense - borrowed funds |
|
|
|||||||||||||||||
|
Sublease income
(1)
|
Net occupancy expense |
(
|
(
|
|||||||||||||||||
| Net lease cost | $ |
|
$ |
|
||||||||||||||||
| Maturity of Lease Liabilities as of December 31, 2020 | Operating Leases | Finance Leases | Total | |||||||||||||||||
| 2021 | $ |
|
$ |
|
$ |
|
||||||||||||||
| 2022 |
|
|
|
|||||||||||||||||
| 2023 |
|
|
|
|||||||||||||||||
| 2024 |
|
|
|
|||||||||||||||||
| 2025 |
|
|
|
|||||||||||||||||
| After 2025 |
|
|
|
|||||||||||||||||
| Total lease payments |
|
|
|
|||||||||||||||||
| Less: Interest |
|
|
|
|||||||||||||||||
| Present value of lease liabilities | $ |
|
$ |
|
$ |
|
||||||||||||||
| Lease Term and Discount Rate | December 31, 2020 | December 31, 2019 | ||||||||||||
| Weighted-average remaining lease term (years) | ||||||||||||||
| Operating leases |
|
|
||||||||||||
| Finance leases |
|
|
||||||||||||
| Weighted-average discount rate | ||||||||||||||
| Operating leases |
|
% |
|
% | ||||||||||
| Finance leases |
|
% |
|
% | ||||||||||
| Other Information | December 31, 2020 | December 31, 2019 | ||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
| Operating cash flows from operating leases | $ |
|
$ |
|
||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Balance, beginning of year | $ |
|
$ |
|
|||||||
| Acquired during the year |
|
|
|||||||||
| Balance, end of year | $ |
|
$ |
|
|||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| $ |
|
||||
| Time deposits maturing: | |||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| $ |
|
||||
| 2020 | 2019 | |||||||||||||
|
Maturities range from 6/29/2020 through 2/11/2033; rates fixed at a range of
|
$ |
|
$ |
|
||||||||||
|
Open Repo borrowing at an interest rate of
|
|
|
||||||||||||
| Total | $ |
|
$ |
|
||||||||||
| 2021 | $ |
|
|||
| 2022 |
|
||||
| 2023 |
|
||||
| 2024 |
|
||||
| 2025 |
|
||||
| Thereafter |
|
||||
| Total borrowed funds | $ |
|
|||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Benefit obligation at beginning of year | $ |
|
$ |
|
|||||||
| Interest cost |
|
|
|||||||||
| Service cost |
|
|
|||||||||
| Actual claims |
(
|
(
|
|||||||||
| Actuarial gain |
(
|
(
|
|||||||||
| Benefit obligation at end of year | $ |
|
$ |
|
|||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Net actuarial gain | $ |
|
$ |
|
|||||||
| Tax effect |
(
|
(
|
|||||||||
| $ |
|
$ |
|
||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Service cost | $ |
|
$ |
|
$ |
|
|||||||||||
| Interest cost |
|
|
|
||||||||||||||
| Net amortization of transition obligation and actuarial loss |
|
|
|
||||||||||||||
| Net periodic benefit cost |
|
|
|
||||||||||||||
| Net gain |
(
|
(
|
(
|
||||||||||||||
| Amortization |
|
(
|
(
|
||||||||||||||
| Total recognized in other comprehensive income |
(
|
(
|
(
|
||||||||||||||
| Total recognized in net periodic benefit cost and other comprehensive income | $ |
(
|
$ |
(
|
$ |
(
|
|||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Balance, beginning of year | $ |
|
$ |
|
$ |
|
|||||||||||
| Deferrals, dividends, and changes in fair value |
(
|
|
|
||||||||||||||
| Deferred compensation payments |
(
|
(
|
(
|
||||||||||||||
| Balance, end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Current – federal | $ |
|
$ |
|
$ |
|
|||||||||||
| Current – state |
|
|
|
||||||||||||||
| Deferred – federal |
(
|
(
|
(
|
||||||||||||||
| Income tax expense | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | % | December 31, 2019 | % | December 31, 2018 | % | ||||||||||||||||||||||||||||||
| Tax at statutory rate | $ |
|
|
$ |
|
|
$ |
|
|
||||||||||||||||||||||||||
| Tax exempt income, net |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Bank owned life insurance |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Effect of state tax |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Other |
(
|
(
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Income tax expense | $ |
|
|
$ |
|
|
$ |
|
|
||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||
| Deferred tax assets: | |||||||||||
| Allowance for credit losses | $ |
|
$ |
|
|||||||
| Fair value adjustments – business combination |
|
|
|||||||||
| Deferred compensation |
|
|
|||||||||
| Net operating loss carryover |
|
|
|||||||||
| Post-retirement benefits |
|
|
|||||||||
| Unrealized loss on interest rate swap |
|
|
|||||||||
| Nonaccrual loan interest |
|
|
|||||||||
| Accrued expenses |
|
|
|||||||||
| Deferred fees and costs |
|
|
|||||||||
| Operating lease liability |
|
|
|||||||||
| Other |
|
|
|||||||||
|
|
|
||||||||||
| Deferred tax liabilities: | |||||||||||
| Unrealized gain on securities available for sale |
|
|
|||||||||
| Premises and equipment |
|
|
|||||||||
| Unrealized gain on trading securities |
|
|
|||||||||
| Intangibles – section 197 |
|
|
|||||||||
| Mortgage servicing rights |
|
|
|||||||||
| Operating lease asset |
|
|
|||||||||
| Other |
|
|
|||||||||
|
|
|
||||||||||
| Net deferred tax asset | $ |
|
$ |
|
|||||||
| Beginning balance | $ |
|
|||
| New loans and advances |
|
||||
| Effect of changes in composition of related parties |
|
||||
| Repayments |
(
|
||||
| Ending balance | $ |
|
|||
| Shares |
Weighted-average
Grant Date Fair Value |
||||||||||
| Non-vested at January 1, 2020 |
|
$ |
|
||||||||
| Granted |
|
|
|||||||||
| Vested |
(
|
|
|||||||||
| Non-vested at December 31, 2020 |
|
$ |
|
||||||||
| Actual |
For Capital
Adequacy Purposes |
To Be Well Capitalized
Under Prompt Corrective Action Provisions |
|||||||||||||||||||||||||||||||||
| Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 (Core) Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Common equity Tier 1 to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 (Core) Capital to Average Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
| Total Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 (Core) Capital to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Common equity Tier 1 to Risk Weighted Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| Tier 1 (Core) Capital to Average Assets | |||||||||||||||||||||||||||||||||||
| Consolidated | $ |
|
|
% | $ |
|
|
% | N/A | ||||||||||||||||||||||||||
| Bank | $ |
|
|
% | $ |
|
|
% | $ |
|
|
% | |||||||||||||||||||||||
| As of December 31 | Liability Derivative | |||||||||||||||||||
| Balance Sheet | Fair value | |||||||||||||||||||
| Location | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
| Interest rate contract | Accrued interest payable and other liabilities |
$(
|
$(
|
|||||||||||||||||
| For the Year Ended December 31, 2020 | (a) | (b) | (c) | (d) | (e) | |||||||||||||||
| Interest rate contract |
$(
|
Interest expense – subordinated debentures |
$(
|
Other
income |
$
|
|||||||||||||||
| For the Year Ended December 31, 2019 | ||||||||||||||||||||
| Interest rate contract |
$(
|
Interest expense – subordinated
debentures |
$(
|
Other
income |
$
|
|||||||||||||||
| For the Year Ended December 31, 2018 | ||||||||||||||||||||
| Interest rate contract |
$(
|
Interest expense – subordinated debentures |
$(
|
Other
income |
$
|
|||||||||||||||
|
Notional
Amount |
Average
Maturity (in years) |
Weighted
Average Fixed Rate |
Weighted
Average Variable Rate |
Fair
Value |
|||||||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
|
3
rd
Party interest rate swaps
|
$ |
|
|
|
% |
1 month LIBOR +
|
$ |
|
(a) | ||||||||||||||||||||||||||
| Customer interest rate swaps |
(
|
|
|
% |
1 month LIBOR +
|
(
|
(b) | ||||||||||||||||||||||||||||
| December 31, 2019 | |||||||||||||||||||||||||||||||||||
|
3
rd
Party interest rate swaps
|
$ |
|
|
|
% |
1 month LIBOR +
|
$ |
|
(a) | ||||||||||||||||||||||||||
| Customer interest rate swaps |
(
|
|
|
% |
1 month LIBOR +
|
(
|
(b) | ||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
| Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||||||||||
| Commitments to make loans | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Unused lines of credit |
|
|
|
|
|||||||||||||||||||
| Standby letters of credit |
|
|
|
|
|||||||||||||||||||
| CONDENSED BALANCE SHEETS | December 31, | ||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Cash | $ |
|
$ |
|
|||||||
| Trading securities |
|
|
|||||||||
| Investment in bank subsidiary |
|
|
|||||||||
| Investment in non-bank subsidiaries |
|
|
|||||||||
| Deferreds and current receivable |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities | |||||||||||
| Borrowings from subsidiary | $ |
|
$ |
|
|||||||
| Subordinated debentures |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
| Stockholders' equity |
|
|
|||||||||
| Total liabilities and stockholders' equity | $ |
|
$ |
|
|||||||
| CONDENSED STATEMENTS OF INCOME | Year Ended December 31, | ||||||||||||||||
| Income: | 2020 | 2019 | 2018 | ||||||||||||||
| Dividends from: | |||||||||||||||||
| Bank subsidiary | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-bank subsidiaries |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Total income |
|
|
|
||||||||||||||
| Expenses |
(
|
(
|
(
|
||||||||||||||
| Income before income taxes and equity in undistributed net income of subsidiaries: |
|
|
|
||||||||||||||
| Change in net unrealized holdings gains (losses) on equity securities not held for trading |
(
|
|
|
||||||||||||||
| Income tax benefit |
|
|
|
||||||||||||||
| Equity in undistributed net income of bank subsidiary |
|
|
|
||||||||||||||
| Equity in undistributed (distributions in excess) of net income of non-bank subsidiaries |
(
|
|
(
|
||||||||||||||
| Net income |
|
|
|
||||||||||||||
| Dividends on preferred stock |
(
|
|
|
||||||||||||||
| Net income available to common stockholders | $ |
|
$ |
|
$ |
|
|||||||||||
| Comprehensive income attributable to the parent | $ |
|
$ |
|
$ |
|
|||||||||||
| CONDENSED STATEMENTS OF CASH FLOWS | Year Ended December 31, | ||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Net income | |||||||||||||||||
| Adjustments to reconcile net income to net cash provided by | $ |
|
$ |
|
$ |
|
|||||||||||
| operating activities: | |||||||||||||||||
| Equity in undistributed net income of bank subsidiary |
(
|
(
|
(
|
||||||||||||||
| (Equity in undistributed) distributions in excess of net income of non–bank subsidiaries |
|
(
|
|
||||||||||||||
| Net unrealized gains on trading securities |
|
(
|
|
||||||||||||||
| Decrease (increase) in other assets |
|
|
|
||||||||||||||
| Increase in other liabilities |
|
|
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Purchase of trading securities |
(
|
(
|
(
|
||||||||||||||
| Investment in non-bank subsidiaries |
|
|
(
|
||||||||||||||
| Outlays for business acquisition |
(
|
|
|
||||||||||||||
| Investment in bank subsidiaries |
(
|
|
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Dividends paid on common stock |
(
|
(
|
(
|
||||||||||||||
| Dividends paid on preferred stock |
(
|
|
|
||||||||||||||
| Purchase of treasury stock |
(
|
(
|
(
|
||||||||||||||
| Net proceeds from the issuance of preferred stock |
|
|
|
||||||||||||||
| Net proceeds from issuance of common stock |
|
|
|
||||||||||||||
| Net advance (to) from subsidiary |
(
|
|
(
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(
|
(
|
||||||||||||||
| Net increase (decrease) in cash |
|
|
(
|
||||||||||||||
| Cash beginning of year |
|
|
|
||||||||||||||
| Cash end of year | $ |
|
$ |
|
$ |
|
|||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Basic earnings per common share computation | |||||||||||||||||
| Net income per consolidated statements of income | $ |
|
$ |
|
$ |
|
|||||||||||
| Net earnings allocated to participating securities |
(
|
(
|
(
|
||||||||||||||
| Net earnings allocated to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Distributed earnings allocated to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Undistributed earnings allocated to common stock |
|
|
|
||||||||||||||
| Net earnings allocated to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted average common shares outstanding, including shares considered participating securities |
|
|
|
||||||||||||||
| Less: Average participating securities |
(
|
(
|
(
|
||||||||||||||
| Weighted average shares |
|
|
|
||||||||||||||
| Basic earnings per common share | $ |
|
$ |
|
$ |
|
|||||||||||
| Diluted earnings per common share computation | |||||||||||||||||
| Net earnings allocated to common stock | $ |
|
$ |
|
$ |
|
|||||||||||
| Weighted average common shares outstanding for basic earnings per common share |
|
|
|
||||||||||||||
| Add: Dilutive effects of assumed exercises of stock options |
|
|
|
||||||||||||||
| Weighted average shares and dilutive potential common shares |
|
|
|
||||||||||||||
| Diluted earnings per common share | $ |
|
$ |
|
$ |
|
|||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||
| Unrealized holding gains (losses) on available for sale securities | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Less reclassification adjustment for gains recognized in earnings |
(
|
(
|
|
||||||||||||||
| Net unrealized gains (losses) |
|
|
(
|
||||||||||||||
| Tax effect |
(
|
(
|
|
||||||||||||||
| Net-of-tax amount |
|
|
(
|
||||||||||||||
| Actuarial gain (loss) on postemployment health care plan |
|
|
|
||||||||||||||
| Net amortization of transition obligation and actuarial gain |
|
|
|
||||||||||||||
| Net unrealized gain (loss) on postemployment health care plan |
|
|
|
||||||||||||||
| Tax effect |
(
|
(
|
(
|
||||||||||||||
| Net-of-tax amount |
|
|
|
||||||||||||||
| Unrealized gain (loss) on interest rate swap |
(
|
(
|
(
|
||||||||||||||
| Less reclassification adjustment for losses recognized in earnings |
|
|
|
||||||||||||||
| Net unrealized gain (loss) |
(
|
(
|
(
|
||||||||||||||
| Tax effect |
|
|
|
||||||||||||||
| Net-of-tax amount |
(
|
(
|
(
|
||||||||||||||
| Other comprehensive income (loss) | $ |
|
$ |
|
$ |
(
|
|||||||||||
|
Balance
12/31/19 |
Comprehensive
Income (Loss) |
Reclassification of
Disproportionate Tax Effect |
Balance
12/31/20 |
||||||||||||||||||||
| Unrealized gains (losses) on securities available for sale | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Unrealized gain (loss) on postretirement benefits plan |
|
|
|
|
|||||||||||||||||||
| Unrealized loss on interest rate swap |
(
|
(
|
|
(
|
|||||||||||||||||||
| Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Balance
12/31/18 |
Comprehensive
Income (Loss) |
Reclassification of
Disproportionate Tax Effect |
Balance
12/31/19 |
||||||||||||||||||||
| Unrealized gains (losses) on securities available for sale | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Unrealized gain (loss) on postretirement benefits plan |
(
|
|
|
|
|||||||||||||||||||
| Unrealized loss on interest rate swap |
(
|
(
|
|
(
|
|||||||||||||||||||
| Total | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Balance
1/1/18 |
Comprehensive
Income (Loss) |
Reclassification of
Disproportionate Tax Effect |
Balance
12/31/18 |
||||||||||||||||||||
| Unrealized gains (losses) on securities available for sale | $ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
| Unrealized gain (loss) on postretirement benefits plan |
(
|
|
|
(
|
|||||||||||||||||||
| Unrealized loss on interest rate swap |
(
|
(
|
|
(
|
|||||||||||||||||||
| Total | $ |
(
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
| Quarters Ended in December 31, 2020 | Quarters Ended in December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
| Mar. 31 | June 30 | Sept. 30 | Dec. 31 | Mar. 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||||||||||||||||||||||||||||
| Total interest and dividend income | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
| Net interest income |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Provision for credit losses |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Non-interest income |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Non-interest expense |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Net income |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Net income per share, basic |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| Net income per share, diluted |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||
| Non-interest Income | ||||||||||||||||||||
| Service charges on deposit accounts | $ |
|
$ |
|
$ |
|
||||||||||||||
| Wealth and asset management fees |
|
|
|
|||||||||||||||||
|
Mortgage banking
(1)
|
|
|
|
|||||||||||||||||
| Card processing and interchange income |
|
|
|
|||||||||||||||||
|
Net realized gains on available-for-sale securities
(1)
|
|
|
|
|||||||||||||||||
| Other income |
|
|
|
|||||||||||||||||
| Total non-interest income | $ |
|
$ |
|
$ |
|
||||||||||||||
|
||||||||||||||
| /s/ Crowe LLP | |||||
| Joseph B. Bower, Jr. | Tito L. Lima | ||||
| President and Chief Executive Officer | Treasurer and Principal Financial Officer | ||||
| Date: March 4, 2021 | Date: March 4, 2021 | ||||
| Exhibit No. | Description | |||||||
| Agreement and Plan of Merger, dates as of December 18, 2019, by and among CNB Financial Corporation, CNB Bank and Bank of Akron (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on December 18, 2019) | ||||||||
| Second Amended and Restated Articles of Incorporation of CNB Financial Corporation (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed on April 18, 2019) | ||||||||
| Second Amended and Restated Bylaws of CNB Financial Corporation (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on April 18, 2019) | ||||||||
| Statement with Respect to Shares of 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, effective as of August 25, 2020 (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on August 25, 2020) | ||||||||
| Description of Registrant's Securities | ||||||||
| Form of Certificate representing the 7.125% Series A Fixed-Rated Non-Cumulative Perpetual Preferred Stock (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on August 25, 2020) | ||||||||
| Deposit Agreement, dated August 25, 2020, among CNB Financial Corporation, American Stock Transfer & Trust Company, LLC, and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed on August 25, 2020) | ||||||||
| Form of Depositary Receipt representing the Depositary Shares (included as Exhibit A to Exhibit 4.3 of the Registration Statement on Form 8-A filed on August 25, 2020) | ||||||||
| CNB Financial Corporation 2019 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on April 18, 2019) | ||||||||
| Executive Employment Agreement dated October 24, 2019 by and among CNB Financial Corporation, CNB Bank and Joseph B. Bower Jr. (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on October 25, 2019) | ||||||||
| Executive Employment Contract, dated February 8, 2012, by and between CNB Bank and Richard l. Greslick, Jr. (incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed on March 9, 2012) | ||||||||
| Executive Employment Contract, dated September 23, 2013, by and between CNB Financial Corporation, CNB Bank and Joseph E. Dell, Jr. (incorporated by reference to Exhibit 10.7 to the Registrant's Current Report on Form 10-K filed on March 7, 2014) | ||||||||
| Exhibit No. | Description | |||||||
| Executive Employment Agreement, dated March 23, 2020, by and between CNB Financial Corporation, CNB Bank and Tito L. Lima (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on March 24, 2020) | ||||||||
| Executive Employment Agreement, dated February 3, 2021, by and between CNB Financial Corporation, CNB Bank and Martin T. Griffith (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on February 5, 2021) | ||||||||
| List of subsidiaries of CNB Financial Corporation, filed herewith | ||||||||
| Consent of Crowe LLP | ||||||||
| Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
| Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||
| Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
| Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
| 101.INS | XBRL Instance Document | |||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document | |||||||
| 101.LAB | XBRL Taxonomy Extension Presentation Label Linkbase Document | |||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
| CNB FINANCIAL CORPORATION | ||||||||||||||
| (Registrant) | ||||||||||||||
| Date: | March 4, 2021 | By: | /s/ Joseph B. Bower, Jr. | |||||||||||
| JOSEPH B. BOWER, JR. | ||||||||||||||
| President & Chief Executive Officer | ||||||||||||||
| /s/ Joseph B. Bower, Jr. | /s/ Peter F. Smith | |||||||
| JOSEPH B. BOWER, JR. | PETER F. SMITH, Chairman | |||||||
| President and Director | ||||||||
| (Principal Executive Officer) | ||||||||
| /s/ Richard L. Greslick, Jr. | /s/ Richard B. Seager | |||||||
| RICHARD L. GRESLICK, JR. | RICHARD B. SEAGER, Director | |||||||
| Secretary and Director | ||||||||
| /s/ Tito L. Lima | /s/ Francis X. Straub, III | |||||||
| TITO L. LIMA | FRANCIS X. STRAUB, III, Director | |||||||
| Treasurer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
| /s/ Robert W. Montler | /s/ Peter C. Varischetti | |||||||
| ROBERT W. MONTLER, Director | PETER C. VARISCHETTI, Director | |||||||
| /s/ Joel E. Peterson | /s/ Julie M. Young | |||||||
| JOEL E. PETERSON, Director | JULIE M. YOUNG, Director | |||||||
| /s/ Deborah Dick Pontzer | ||||||||
| DEBORAH DICK PONTZER, Director | ||||||||
| /s/ Jeffrey S. Powell | ||||||||
| JEFFREY S. POWELL, Director | ||||||||
| /s/ Nicholas N. Scott | ||||||||
| NICHOLAS N. SCOTT, Director | ||||||||